The following terms and conditions (the “Terms”) apply to participation in HomeEquity Bank’s Refer A Friend program (the “Program”).
Please read the Terms carefully to understand eligibility requirements, how and when rewards are issued, and other rules that apply to the Program.
1. Definitions
For the purpose of this program:
- “Referrer” means a current client of HomeEquity Bank (the “Bank”) who: (i) has an active CHIP Reverse Mortgage product; (ii) has received a unique code from the Bank (“Code”); and (iii) refers a Referee to the Bank using their Code.
- “Referee” means a friend or family member of a Referrer who: (i) has no pre-existing relationship or products with the Bank; and (ii) uses the Referrer’s Code when applying for a CHIP Reverse Mortgage product.
2. Program Overview
When a Referrer shares their Code with a Referee and they successfully fund a CHIP Reverse Mortgage product, both the Referrer and the Referee receive $500 each as a thank-you subject to and in accordance with these Terms.
3. Eligibility Criteria
For Referrers:
To be eligible to participate in the Program, Referrers must:
- Be a current HomeEquity Bank client with a CHIP Reverse Mortgage product.
- Have an account that is active (not in the process of being discharged) and in good standing (i.e., not in default or violating any mortgage terms), as determined by the Bank in its sole discretion.
- Have received a Code from the Bank.
- Share their Code with a Referee before the Referee applies for a Chip Reverse Mortgage product.
For Referees:
To be eligible to participate in the Program, Referees must:
- Be a new customer who has no pre-existing relationship or products with the Bank.
- Apply for and fund a CHIP Reverse Mortgage product directly with HomeEquity Bank (not through a broker or external advisor).
- Use Referrer’s Code when applying.
Right to Disqualify:
The Bank reserves the right to disqualify any Referrers or Referees from participating in the Program, in its sole discretion, including for the purposes of ensuring the integrity of the Program and effective administration in accordance with the terms, conditions, and spirit of these Terms.
4. How it Works
- Referrer shares their Code with a Referee.
- Referee applies directly to the Bank for a CHIP Reverse Mortgage product and during the application process provides the Code shared by Referrer.
- If Referee’s mortgage application is approved and funded, both Referrer and Referee will receive $500 rewards, subject to Section 7 below.
5. Reward Details
- Each reward is $500, sent by Electronic Fund Transfer (EFT)
- Rewards will be sent to the bank accounts registered on file for each of the Referrer and Referee.
- Rewards are typically issued within 60 days after the Referee’s mortgage is funded.
- Referrers and Referees will be notified when rewards have been processed.
6. Number of Referrals
There is no limit to how many referrals a Referrer can make. For every Referee who qualifies and funds a CHIP Reverse Mortgage product, a Referrer can receive a separate $500 reward, subject to and in accordance with these Terms.
Limit of one reward per application. Multiple applicants do not entitle Referrer or Referees to more than one reward.
7. Reward Conditions
To be eligible to receive a reward:
- Referee must use Referrer’s Code when applying for a Chip Reverse Mortgage product.
- Referee’s mortgage must be subsequently approved and funded.
- At the time of reward issuance:
- Participant’s CHIP Reverse Mortgage product must be active (not discharged or in the process of discharge).
- Participant’s account must be in good standing (not in default or violating mortgage agreement).
8. Other Terms
- The Program is a discretionary promotion and the Bank may discontinue, suspend, cancel, or otherwise modify the Program at any time in its sole discretion without notice, penalty or obligation to participants.
- The Program is for personal use only — not for commercial or promotional distribution.
- Rewards are non-transferable and cannot be exchanged for other services or offers.
- Only one Referrer may be listed per Referee application.
9. Privacy and Communications
By participating, you acknowledge:
- Referrer and referee will both be aware of the referral, but neither will have access to or receive information about the other’s mortgage or personal information.
- We will send updates and reward notifications to the mailing address on file for both the Referrer and Referee.
For details on how we handle personal information, please review our Privacy Policy.
10. Contact Us
Have questions or need help?
Visit www.chip.ca/ReferAFriend
Or call us toll-free at 1-855-207-3656