Only a few lenders offer reverse mortgages in BC. The three you will hear about most are HomeEquity Bank (the CHIP Reverse Mortgage), Equitable Bank and Bloom. They are all regulated lenders, they all require independent legal advice, and they all include a no negative equity feature. The details are where they differ.
Side by side
| HomeEquity Bank (CHIP) | Equitable Bank | Bloom | |
|---|---|---|---|
| Maximum | Up to 55% of home value | Up to 55% (Flex), up to 59% for borrowers 70+ (Flex PLUS), up to 40% lump sum (Flex Lite) | Up to 55% of home value |
| Ways to take money | Lump sum, in stages, regular advances, or a combination | Initial advance, ad-hoc advances and scheduled advances (Flex and Flex PLUS) | Initial draw plus later draws of $5,000 or more, and a prepaid card linked to the loan |
| Minimum home value | Ask | $250,000 | Ask |
| Set up costs | Ask for the current fee schedule | $995 set up fee plus appraisal, legal advice and closing costs | $1,650 processing fee plus ILA and legal. Bloom pays for the appraisal upfront and deducts up to $350 only if the loan funds |
| Prepayment charges | Ask for the current schedule | 5, 4 and 3 months' interest in years 1 to 3, then 3 months' interest to year 10, none from year 11 | 4%, 3% and 2% of the balance in years 1 to 3, then 3 months' interest to year 10, none from year 11. Waived on death of the last borrower |
| After the last borrower passes | Ask for the timeframe | Ask for the timeframe | 6 months to repay, with no prepayment charge |
| If the last borrower moves into long term care | Ask | Ask | Prepayment charge cut by 50%, 1 year to repay |
Based on each lender's broker materials dated 2024 to 2025. Products, fees, rates and terms change often and every file is different, so confirm current terms in writing before deciding. "Ask" means the detail was not in the materials we reviewed.
What actually matters when you compare
- Cash in hand after your existing mortgage and all costs, not the headline percentage.
- The rate and term, and what happens when a fixed term ends.
- Draw options, if you will not need all the money at once.
- Prepayment charges, especially if a sale is possible in the first few years.
- What happens at death or long term care, and how long the family has.
- Spouse rules, if anyone in the home is not on the loan.
Why use a broker
A lender can only offer its own product. As a broker I compare the options from the lenders I am set up with, put every cost in writing, and tell you if none of them fits. If a loan funds, the lender pays me, and I show you how much, in writing, before you decide.
Questions people ask
Which reverse mortgage lender is best in BC?
It depends on your age, home, location and how you want to take the money. The best fit is the one with the most cash in hand and the terms that suit your plans, which is why comparing matters.
Do all reverse mortgage lenders have a no negative equity guarantee?
The three main lenders in BC include one, but conditions differ. Generally you must keep up taxes, insurance and maintenance, and some fees and interest after the due date may not be covered.
Is CHIP the only reverse mortgage in Canada?
No. CHIP from HomeEquity Bank is the best known, but Equitable Bank and Bloom also offer reverse mortgages in BC.
About the author
Matt Blake is a licensed mortgage broker in British Columbia with BRX Mortgage Inc. He helps homeowners 55 and over, and their families, compare reverse mortgages with HELOCs, selling and downsizing, and he will tell you straight when a reverse mortgage is the wrong move.
Licence MB600487 · BRX Mortgage Inc., brokerage licence X301291 · Last reviewed October 2026
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