CHIP Reverse Mortgages

Best Service and Best Rates

What is a CHIP Reverse Mortgage?

CHIP Reverse Mortgage solution designed for senior Canadian homeowners

It's a financial solution designed for Senior Canadian homeowners

Unlike a traditional mortgage where you make payments to a bank or someone else, a reverse mortgage pays you. You can use the money in any way you see fit and live your retirement comfortably knowing you don't need to leave your home.

The biggest benefit of the CHIP reverse mortgage is that you are not required to make regular payments for as long as you or your spouse lives in your home.

The CHIP Reverse Mortgage for Canadians aged 55 and older is becoming more popular with the up-and-coming demographics of baby-boomers.

This unique financial tool offers many benefits that no other product can offer. With the CHIP Reverse Mortgage, you are able to access up to 55%* of the equity in your home, tax-free. The money you receive can be used in a variety of different ways, including:

  1. 1

    Eliminating debt repayments. No monthly payments required until you no longer live in the home

  2. 2

    Increasing your monthly cash flow. Boost retirement income and ease financial pressure

  3. 3

    Helping a child or grandchild

  4. 4

    Pass on an early inheritance,

  5. 5

    Unexpected health care costs. Pay for healthcare expenses, renovations or accessibility retrofits

  6. 6

    Home repairs and improvements

  7. 7

    A dream vacation. Enjoy retirement by traveling and dining out more.

And More!

Mortgages

By accessing the equity in your home, you are able to accommodate any financial obstacles and goals you have, without having to move or sell your home.

One question we often receive is: How does a reverse mortgage work? A reverse mortgage is a loan secured against the value of your home. However, unlike a traditional Home Equity Line of Credit (HELOC) or a second mortgage, you are not required to make monthly mortgage payments for as long as you live in your home. The equity in your home received is tax-free, And, you will maintain ownership and control of your home.

If you would like to learn more about the CHIP Reverse Mortgage and how it can fit within your financial plan, please feel free to email us back or give us a call. We would be glad to answer any of your questions and we can determine if this product may be an option for you.

A brand new product from Home Equity Bank is the CHIP Open.

View the CHIP Open Fact Sheet
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