CHIP Reverse Mortgage vs Broker
CHIP Reverse Mortgage: Through a Broker vs Going Direct
You may have seen the ads for CHIP. It is one reverse mortgage provider, and it is not the only one. The real decision is whether to go directly to a single lender or work with a broker who can compare providers for you.
We are an FSRA-licensed Ontario mortgage brokerage, not a lender. We compare reverse mortgage providers independently, subject to qualification.
Written by the HB Mortgage Centre team. Reviewed by Hardeep Batoo, Principal Broker (licence M13002408). HB Mortgage Centre is an FSRA-licensed brokerage (#13449). Last updated: June 23, 2026.
FSRA Brokerage #13449·Hardeep Batoo, Broker Licence #M13002408·Multi-lender access·Independent legal advice required
The basics
What is a CHIP reverse mortgage?
Who it's for
What do you get if you go direct to a lender?
If you go straight to a single lender, you get that lender's product and terms. What you do not get is a side-by-side view of how another provider might price or structure the same reverse mortgage for your situation. That comparison is the broker's role.
Going direct - one provider's product and terms only
Going direct - no side-by-side comparison available
Broker - compare providers such as CHIP and Equitable Bank
Broker - rates, structure, and terms explained in plain language
Broker - you decide with the options in front of you, not just one offer
See our lender network for how broker access works.
Rates & costs
Through a broker: independent comparison
As a brokerage, we can compare providers, such as CHIP and Equitable Bank, and explain the differences in rate, structure, and terms in plain language. You decide with the options in front of you, not just one offer. See our lender network for how broker access works.
Subject to qualification and provider assessment.
What it costs
- RateDifferences between providers explained in plain language
- StructureHow each provider structures the reverse mortgage for your situation
- TermsSide-by-side comparison so you decide with options in front of you
How it works
How can HB Mortgage Centre help?
- 01
Compare providers for your situation
We compare reverse mortgage providers for your situation and explain the trade-offs.
- 02
Plain-language explanation
We explain the differences in rate, structure, and terms in plain language so you can decide with the options in front of you.
- 03
Independent legal advice
We recommend independent legal advice. Everything is subject to qualification and provider assessment.
- 04
Not tied to any single provider
HB brokers across more than 50 lenders and has arranged over $1 billion in mortgage funding since December 2021.
An honest note
An honest note
Why a broker
How can HB Mortgage Centre help?
We compare reverse mortgage providers for your situation, explain the trade-offs, and recommend independent legal advice. Everything is subject to qualification and provider assessment.
We are not tied to any single provider: HB brokers across more than 50 lenders and has arranged over $1 billion in mortgage funding since December 2021.
Going direct gives you one provider's terms. A broker can compare providers, such as CHIP from HomeEquity Bank and Equitable Bank, and explain the differences. A broker is not always cheaper, but you see your options rather than one offer.
FAQ
Frequently Asked Questions - CHIP vs Broker
Should I use a broker or go direct for a reverse mortgage?+
What is CHIP?+
Does a broker cost me more?+
Are there providers other than CHIP?+
How does HB compare providers for me?+
Does going through a broker slow the process down?+
See your options, not just one offer
Before you commit to a single provider, let us compare your reverse mortgage options. No cost, no obligation. We will also point you toward independent legal advice.
What happens next: A calm conversation about your situation, free and without pressure. Then a plain-language comparison of the providers that fit, in writing, including where going direct would serve you just as well. Independent legal advice comes before anything is signed. Nothing is promised before the provider's assessment.
General information only. Product terms, rates, and availability subject to lender criteria and change without notice. Independent legal advice required before any reverse mortgage closes. O.A.C. E.&O.E.
FSRA Brokerage #13449 · Hardeep Batoo, Broker Licence #M13002408 · Ontario-wide
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