CHIP vs Bloom: Comparing Canada's Regulated Reverse Mortgages
Canada has multiple regulated lenders offering reverse mortgage products:
- →CHIP Reverse Mortgage by HomeEquity Bank
- →Equitable Bank Reverse Mortgage by Equitable Bank
- →Bloom Reverse Mortgage by Bloom Finance
- →EquityAccess / EquityAccess+ / EquityAccess Boost by Home Trust
This article focuses on CHIP and Bloom — the two most widely distributed reverse mortgage products — with a note on Home Trust's EquityAccess suite. The right choice depends on your specific situation: your age, home value, location, and which lender's product terms are most favourable for you. A broker can run all scenarios simultaneously.
Key Features to Compare
| Feature | CHIP (HomeEquity Bank) | Bloom (Bloom Finance) |
|---|---|---|
| Lender | HomeEquity Bank | Bloom Finance |
| Min. Age | 55 (confirm with lender) | Confirm with lender |
| Max. LTV | Up to 55% (varies by age, location, property) | Confirm with lender |
| No Monthly Payments | Yes | Yes |
| Ownership Retained | Yes | Yes |
| Interest Accrues | Yes | Yes |
| Repayment Triggers | Sale · Transfer · Death · Move · Default | Sale · Transfer · Death · Move · Default |
| Market History | 35+ years | Newer entrant |
Rates, product terms, and available loan amounts change over time. Verify current details with your broker.
CHIP Reverse Mortgage Overview
CHIP is Canada's original and most established reverse mortgage product, offered by HomeEquity Bank — a federally regulated bank that has specialized exclusively in reverse mortgages since 1986.
CHIP Product Suite: - CHIP Reverse Mortgage — Standard product, up to 55% LTV - CHIP Max — Higher LTV option for eligible borrowers - CHIP Open — More prepayment flexibility (higher rate)
HomeEquity Bank's longevity means they have deep expertise, established processes, and a proven track record across multiple market cycles.
Bloom Reverse Mortgage Overview
Bloom is a Canadian reverse mortgage product offered by Bloom Finance — a distinct provider separate from HomeEquity Bank (CHIP), Equitable Bank, and Home Trust. As a competitor in the regulated reverse mortgage market, Bloom gives Ontario homeowners an additional option to compare against CHIP and other products.
What the Bloom Reverse Mortgage provides: - Access to a portion of your home's equity as tax-free cash - No required monthly principal or interest payments - You retain full ownership and title of your home - Interest accrues over time — your balance grows and remaining equity decreases accordingly - Eligibility based on your home's appraised value, location, and age of the youngest borrower on title - Contact us for current Bloom product terms, minimum age, and available LTV details
Home Trust EquityAccess — A Third Regulated Option
Home Trust offers three reverse mortgage products worth knowing:
| Product | Min. Age | Max. LTV |
|---|---|---|
| EquityAccess | 55+ | Up to 40% |
| EquityAccess+ | 55+ | Up to 55% |
| EquityAccess Boost | 70+ | Up to 59% |
Key features across all three: - No required monthly payments - Borrower retains ownership and title - Interest accrues; equity may decrease over time - Amount owing will not exceed fair market value, subject to lender conditions - Fees apply: setup, appraisal, and legal/ILA costs - Repayment triggered by sale, permanent move, or death
EquityAccess Boost is notable because its higher LTV ceiling (59%) makes it potentially the highest available loan amount for borrowers aged 70 and over — though eligibility depends on home value, location, and assessment.
Which Should You Choose?
Consider CHIP (HomeEquity Bank) if: - You value the longest track record in Canadian reverse mortgages - You want multiple product options (CHIP, CHIP Max, CHIP Open)
Consider Bloom if: - You receive a more favourable rate quote or loan amount from Bloom Finance - Your property type or location is assessed more favourably under their guidelines
Consider Home Trust EquityAccess+ or Boost if: - You are 70+ and want to explore the higher LTV ceiling (up to 59%) that EquityAccess Boost may offer - You want a third lender quote to compare against CHIP and Bloom
Bottom line: Run quotes from all three lenders through your broker in one conversation. The differences in available loan amounts and rates can be material over a 10–15 year horizon.
The Role of a Mortgage Broker
The biggest advantage of using a broker is access to all products with one conversation. We run your scenario through CHIP, Equitable Bank, Bloom, and Home Trust EquityAccess, explain the differences in plain language, and let you make an informed decision.
For most reverse mortgage products, lenders compensate us directly. All fees are disclosed in writing before you proceed — as required by FSRA.
Frequently Asked Questions
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