CHIP vs Equitable vs Bloom vs Home Trust: Full 2026 Comparison

"With four reverse mortgage lenders now operating in Ontario — which one is actually right for me?" The good news about having four lenders is competitive pressure that benefits borrowers. The challenge is making sense of products that look similar on the surface but have meaningful differences in rates, fees, maximum borrowing limits, and province availability. This guide gives you a complete, no-preference comparison of all four Canadian reverse mortgage lenders available in Ontario.

This article is for educational purposes only and does not constitute financial advice.

The Four Lenders at a Glance

Feature	CHIP (HomeEquity Bank)	Equitable Bank	Bloom Financial	Home Trust (EquityAccess)
Founded	1986	1970 (reverse mortgage ~2018)	~2021	~2022 (reverse mortgage)
Product name	CHIP Reverse Mortgage	Equitable Bank Reverse Mortgage	Bloom Reverse Mortgage	EquityAccess
Maximum LTV	55%	59%	55%	~50%
Minimum property value	$250,000	$250,000	$300,000	~$350,000
Province availability	National (all provinces)	ON, BC, AB, QC	ON, BC, AB	ON, BC
Setup fee	$1,795	$995	~$1,500	Competitive
Annual prepayment privilege	10% of original principal	10% of original principal	10% of original principal	~10%
No-Negative-Equity Guarantee	Yes	Yes	Yes	Yes
ILA required	Yes	Yes	Yes	Yes
Regulator	FCAC / OSFI	FCAC / OSFI	Provincial + OSFI	OSFI

According to the FCAC, all four major Canadian reverse mortgage lenders are subject to federal consumer protection regulations, including mandatory disclosure requirements, independent legal advice requirements, and the contractual No-Negative-Equity Guarantee.

Deep Dive: CHIP by HomeEquity Bank

CHIP is Canada's original and largest reverse mortgage lender — operating since 1986. Its market dominance comes with advantages (brand trust, broad adviser network, national availability) and limitations (higher fees, lower LTV than Equitable).

CHIP's Key Strengths:

• Longest track record — 40 years of reverse mortgage experience
• National availability — the only lender available in all Canadian provinces and territories
• Most widely understood by lawyers and financial advisors
• Strong customer service infrastructure
• Larger borrower community for peer reference

CHIP's Key Limitations:

• Higher setup fee ($1,795 vs $995 for Equitable)
• Lower maximum LTV (55% vs 59% for Equitable)
• Historically higher fixed rates than Equitable Bank

Best for:

• Borrowers in provinces where Equitable, Bloom, or Home Trust are not available
• Borrowers who prioritise institutional brand familiarity
• Those with advisors who have existing CHIP relationships

Deep Dive: Equitable Bank

Equitable Bank entered the reverse mortgage market around 2018 and has rapidly gained market share through competitive pricing and a higher LTV ceiling.

Equitable's Key Strengths:

• Highest maximum LTV in Canada (59% — meaningfully more than CHIP's 55%)
• Lower setup fee ($995 vs $1,795 for CHIP)
• Historically competitive fixed rates
• Available in Ontario, BC, Alberta, and Quebec
• Federally regulated bank with OSFI and FCAC oversight

Equitable's Key Limitations:

• Not available in all provinces (Atlantic Canada, Manitoba, Saskatchewan excluded)
• Shorter track record in reverse mortgages than CHIP
• Some borrowers and their advisors are less familiar with the product

Best for:

• Ontario borrowers who want to maximise their available loan amount
• Those sensitive to upfront fees
• Borrowers who want the combination of competitive rate + highest LTV

Deep Dive: Bloom Financial

Bloom is the youngest major entrant to the Canadian reverse mortgage market, launched around 2021. It has differentiated itself through technology-forward processes and a specific product feature: a lifetime rate lock option.

Bloom's Key Strengths:

• Digital-first application process (faster and more streamlined)
• Lifetime rate lock option (rate stays fixed for the life of the loan — not just a term)
• Competitive setup fees
• Available in Ontario, BC, and Alberta

Bloom's Key Limitations:

• Shorter track record than CHIP or Equitable
• Not available in Atlantic Canada or Quebec
• Minimum property value of $300,000 (higher than CHIP/Equitable)
• Lifetime rate lock carries a premium rate vs standard 5-year fixed

Best for:

• Technology-comfortable borrowers who prefer a digital experience
• Those with long expected holding periods who want rate certainty (lifetime lock)
• Borrowers in Ontario, BC, or Alberta who want a third comparison quote

Deep Dive: Home Trust EquityAccess

Home Trust is the newest and smallest entrant, offering its EquityAccess product since approximately 2022. As a long-established trust company pivoting into reverse mortgages, it brings institutional credibility to a relatively new product line.

Home Trust's Key Strengths:

• Long-established trust company (not new to the financial industry — just to reverse mortgages)
• OSFI-regulated and financially sound
• Competitive rates
• Useful as a third or fourth comparison quote in Ontario and BC

Home Trust's Key Limitations:

• Lowest maximum LTV (~50% — below CHIP's 55% and well below Equitable's 59%)
• Limited province availability (Ontario and BC only)
• Higher minimum property value (~$350,000)
• Smallest portfolio of the four — least track record in this specific product

Best for:

• Borrowers in Ontario/BC who want a fourth lender quote
• Those who don't need maximum LTV and are shopping primarily on rate
• Borrowers already banking with Home Trust who prefer familiarity

The LTV Difference: Why It Matters

The difference between 50%, 55%, and 59% LTV is not abstract — it translates to real dollars.

Home Value	Home Trust (50% LTV)	CHIP (55% LTV)	Equitable Bank (59% LTV)	Equitable Advantage vs Home Trust
$500,000	$250,000	$275,000	$295,000	+$45,000
$700,000	$350,000	$385,000	$413,000	+$63,000
$900,000	$450,000	$495,000	$531,000	+$81,000
$1,200,000	$600,000	$660,000	$708,000	+$108,000

These are maximum amounts based on LTV alone. Actual amounts depend on age-based LTV tiers, which further stratify these figures.

For a borrower who needs to access the maximum possible from their home equity — for example, to pay off a large existing mortgage — Equitable Bank's 59% ceiling can be the difference between a viable and unviable transaction.

Fee Comparison: Total Upfront Cost

Fee Component	CHIP	Equitable Bank	Bloom	Home Trust
Setup fee	$1,795	$995	~$1,500	Varies
Appraisal	$300–$600	$300–$600	$300–$600	$300–$600
ILA (lawyer)	$300–$800	$300–$800	$300–$800	$300–$800
Title insurance	$200–$400	$200–$400	$200–$400	$200–$400
Estimated total	$2,595–$3,595	$1,795–$2,795	$2,300–$3,300	Similar to CHIP range

Equitable Bank saves approximately $700–$800 in upfront setup fees compared to CHIP. For a $250,000 reverse mortgage, this is not a determining factor — but it is one data point among many.

Which Lender Is Right for You?

There is no universal "best" lender — the right choice depends on your specific situation. Use this framework:

Your Priority	Recommended Lender
Maximise borrowing amount	Equitable Bank (highest LTV at 59%)
Lowest upfront fees	Equitable Bank ($995 setup fee)
National availability (outside ON/BC/AB/QC)	CHIP only
Long-term rate certainty	Bloom Financial (lifetime rate lock option)
Institutional familiarity (longest track record)	CHIP (since 1986)
Fourth comparison quote (Ontario/BC)	Home Trust EquityAccess

The most reliable approach is to get quotes from at least two lenders simultaneously and compare rate, fee, and LTV combinations at your specific age and property value. Rick Sekhon Reverse Mortgages provides access to all four lenders through a single, no-cost consultation — ensuring you see the full range of options before committing.

For detailed CHIP vs Equitable comparison with worked financial examples, see our CHIP vs Equitable Bank guide →. For current rate information across all four lenders, see our interest rates guide →.

One consistent drawback applies to all four lenders: interest compounds on the outstanding balance, with no required monthly payment. This is the fundamental trade-off — access to equity without monthly obligation, in exchange for a growing loan balance over time. Borrowers who understand this clearly, and plan accordingly, get the most from whichever lender they choose.

FAQ

Is one lender safer than the others? All four lenders are regulated financial institutions subject to federal (OSFI, FCAC) oversight. None are unsafe by any regulatory standard. Safety is not a meaningful differentiator among these four — the differentiators are rate, LTV, fees, and availability.

Can I have reverse mortgages with two different lenders simultaneously? No. A reverse mortgage must be in first position on title, meaning no other mortgage can exist on the same property. You can only have one reverse mortgage at a time.

If I start with one lender and want to switch later, is that easy? Switching lenders involves repaying your existing reverse mortgage (including any applicable prepayment penalty) and establishing a new one with a different lender. This is possible but involves costs. See our exit strategy guide →.

Does Bloom Financial's lifetime rate lock mean I never have to renew? Yes — Bloom's lifetime rate lock product fixes your interest rate for the entire duration of the loan, eliminating renewal risk and the uncertainty of future rate changes. The trade-off is a higher initial rate than a standard 5-year fixed product. Whether this premium is worth paying depends on your expected holding period and interest rate outlook.

Is there any lender that allows mortgage payments on a reverse mortgage? All four lenders allow voluntary prepayments within the defined annual privilege (typically 10% of original principal per year without penalty). Equitable Bank and CHIP also offer the option of making regular voluntary payments on an informal basis. None require payments — but none prohibit them within the prepayment limits.

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Speak to a licensed mortgage professional. Independent legal advice is required before closing a reverse mortgage in Ontario.

Get your free Ontario Reverse Mortgage Guide →

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This content is for illustrative purposes only. Rates may vary. Call Rick Sekhon for the best rates and more information.