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 each offers a no negative equity guarantee (conditions apply, ask for current terms). The details are where they differ.
Where to find each lender's current terms
| Lender | Public information | Amounts, fees, prepayment charges and terms |
|---|---|---|
| HomeEquity Bank (CHIP) | chip.ca | Ask for current terms |
| Equitable Bank | equitablebank.ca | Ask for current terms |
| Bloom | bloomfin.ca | Ask for current terms |
Lender products, maximum amounts, fees, rates, prepayment charges and terms change often, and every file is different. For current details, visit each lender's public website or ask us for current terms in writing before deciding.
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. BRX Mortgage Inc. is paid by the lender if a loan funds, and the amount is disclosed to you 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?
HomeEquity Bank (CHIP), Equitable Bank and Bloom each offer a no negative equity guarantee. Conditions apply, ask for current terms. 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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