The CHIP Reverse Mortgage® for Canadians 55 and over
Offered by Home Credits a HomeEquity Bank® authorized mortgage brokerage.
FSRA #13682 HomeEquity Bank, CHIP, CHIP Reverse Mortgage, and associated trademarks are the property of HomeEquity Bank.
Learn About Reverse Mortgages
The CHIP Reverse Mortgage® from HomeEquity Bank® helps Canadian homeowners achieve their financial goals.
- Homeowners 55+
- Access 55% Home Value
- Tax-Free Cash
- No Monthly Payments
- Pay off existing debt
- Renovate your home
- Cover monthly expenses
- Travel more
The Truth About Reverse Mortgages
Although the CHIP Reverse Mortgage® from HomeEquity Bank® has been available to Canadians for over 30 years, there are still some misconceptions. Watch and learn more about a reverse mortgage.
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What is a Reverse Mortgage Home Equity Loan?
If you are a homeowner in Canada and are 55 or older, you may qualify for a reverse mortgage. For many people, one of the most attractive benefits of a reverse mortgage is that you don’t have to make regular payments. You don’t need to pay off the loan until you sell or move out.
With a reverse mortgage, the bank makes monthly payments or a lump-sum payment to you. The amount you qualify for depends on the value and equity of your home, your age, amount of secured debt and property type/location. Reverse mortgages are designed to increase your income so that you can have a much more comfortable retirement.
For the CHIP Reverse Mortgage®, as long as the property is well maintained, and property taxes and home insurance are paid, HomeEquity Bank®, the provider of CHIP, guarantees that the borrower will never owe more than the home is worth.
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