The CHIP Program: A Canadian Solution for Homeowners

Access up to 55% of the Value of Your Home – No Monthly Payments Required!

You can Access the Equity You need and Stay in the Home you Love!

Handle Unexpected Expenses
Renovate Your Home
Pay Off Debt
Anything Else You Want

How can you use the CHIP Program?

The CHIP Program includes flexible reverse mortgage options to fit your unique needs and help you retire in the home you love. Select the product below to review your options and find out all the ways CHIP can help you live retirement on your terms. 

Benefits of the CHIP Program Canada 

The CHIP Program is designed for Canadian homeowners aged 55 and older who want to live retirement on their terms. If you’re like most Canadian homeowners 55+, much of what you own fits into two categories – the equity in your home and the money you have saved. It is likely that the value of your home has grown over the years and makes up a large portion of your net worth. And, while it is positive that your home has built value, this value is not accessible unless you decide to sell your home. 

The CHIP Program allows you to access up to 55% of its value without having to sell your beloved home. And, best of all, you don’t have to make regular mortgage payments until you eventually move or sell. Additionally, the money you borrow is tax-free and it does not affect the Old-Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits you may be getting. As the homeowner, you are required to maintain your home and remain current on property taxes and homeowners’ insurance. To recap, the CHIP Plan is suitable for people who don’t want to access equity from their home without moving and improve their monthly cash flow. With the CHIP Mortgage, you always remain on title and retain ownership and control of your home. 

In 2 minutes find out how you can qualify for tax-free cash with the CHIP Reverse Mortgage® and get your FREE guide today!

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Discover CHIP Reverse Mortgage Products!

Select a product below to find out more

What Is The CHIP Reverse Mortgage?

As the most popular reverse mortgage product in Canada, the CHIP Reverse Mortgage is a loan secured against the value your home that enables Canadian homeowners 55+ to access up to 55%* of the equity in their home without having to move, sell or make regular interest payments. While the CHIP Reverse Mortgage provides an initial lump sum of tax-free cash, you can schedule additional advances later with the security of knowing the cash is there when you need it.   

How Can You Use The CHIP Reverse Mortgage?

The CHIP Reverse Mortgage provides an initial tax-free lump sum loan amount and potential future additional amounts.

Here’s how many of our customers use the cash from the CHIP Reverse Mortgage:

  • Pay off debts
  • Cover an unexpected expense
  • Renovate their home
  • Pay for a special vacation 
  • Help children or grandchildren

Qualifying For The CHIP Reverse Mortgage:

To be eligible for the CHIP Reverse Mortgage you must be:  

  • A Canadian homeowner 
  • Both you and your spouse must be 55+ 
  • It’s your primary residence  
  • Minimum appraised home value of $250,000 

What Is Income Advantage? 

You worked your whole life, now let your house work for you. Income Advantage is a reverse mortgage solution that provides monthly or quarterly advances of tax-free cash, in addition to a single lump-sum payment. Income Advantage is a perfect product for those who want to supplement their regular retirement income.   

How Can You Use Income Advantage?

Income Advantage provides monthly or quarterly tax-free advances in addition to an initial tax-free lump sum.

Many of our customers enjoy the benefits of monthly or quarterly supplemental cashflow in retirement.  Here are some of the ways Income Advantage is used today: 

  • Fill the gap between income and expenses
  • Make retirement planning easier 
  • Maintain their lifestyle in retirement

Qualifying For Income Advantage:

To be eligible for Income Advantage you must be: 

  • A Canadian homeowner
  • Both you and your spouse must be 55+
  • The home must be your primary residence
  • Minimum appraised home value of $250,000

What is CHIP Max? 

CHIP Max is designed to provide our younger clients with initial access to a higher percentage of their home equity. If you’re considering alternative home equity loans, such as a second mortgage, the CHIP Max Reverse Mortgage may be a solution that better fits your needs.   

How Can You Use CHIP Max?

CHIP Max provides an initial, tax-free lump sum loan amount higher than CHIP Reverse Mortgage.

Just like with all CHIP Products, the cash is yours to do with as you wish. 

Here are some ways our customers are using CHIP Max: 

  • Help their kids buy their first home
  • Pay off debt
  • Cover a large unplanned expense

Qualifying For CHIP Max:

To be eligible for CHIP Max you must be: 

  • Canadian homeowners in select locations 
  • Both you and your spouse must be 55+
  • The home must be your primary residence 
  • Minimum appraised home value of $300,000 

What Is CHIP Open? 

The newest CHIP Product is made for those looking for short-term financing options with the option to repay the full loan amount at any time. Unlike most alternative short-term loans, the CHIP Open Reverse Mortgage does not have repayment penalties for full payments. Additionally, if your financial situation changes, you have the freedom to convert a CHIP Open to the flagship CHIP Reverse Mortgage*. 

How Can You Use CHIP Open?

CHIP Open offers a short-term solution without pre-payment amounts and the flexibility to convert to a longer-term reverse mortgage solution.

Many of our customers need short-term financing which the CHIP Open is perfect for. Here are some ways our clients are enjoying the benefits of CHIP Open: 

  • Assist with bridge financing needs 
  • Obtain the capital to seize a new opportunity 
  • Handle unexpected expenses

Qualifying For CHIP Open:

To be eligible for CHIP Open you must be: 

  • Canadian homeowners 
  • Both you and your spouse must be 55+
  • The home must be your primary residence
  • Minimum appraised home value of $300,000 

*Conditions apply. Additional information must be collected. 

Find the Right Reverse Mortgage product for You!

Frequently Asked Questions:

Where can I receive reverse mortgage counseling and get more detailed information from a reverse mortgage professional?

For reverse mortgage counseling, please give us a call at 1-866-758-2447 and we can walk you through any of your questions or concerns. Our reverse mortgage professionals are available weekdays from 8:30 AM to 5:00 PM (EST) to answer any questions you may have. 

For detailed information about CHIP Reverse Mortgages, download our FREE information guide. 

What are the pros and cons of the CHIP Program?

There are several factors to consider before deciding to proceed with a reverse mortgage. As with any big decision, it’s helpful to speak to family and friends and fully understand the pros and cons of the reverse mortgage in Canada. Some of the pros and cons include: 


  • You receive the reverse mortgage funds as tax-free cash that does not impact your Old-Age Security (OAS) or Canada Pension Plan (CPP) payments, and you can spend the money any way you like! 
  • You stay in the home you love and maintain ownership and control of your home. All you must do is maintain your property and pay your property taxes and homeowner’s insurance. 
  • There are no monthly mortgage payments required until you decide to move or sell your home. 
  • The CHIP Program is a non-recourse loan which means that, at the time of repayment, you (or your estate) will never owe more than the fair market value of your home – our No Negative Equity Guarantee – as long as you have maintained your property taxes and insurance.
  • It is your choice how you receive the funds from the CHIP Plan. You can receive it all at once in a lump sum or in scheduled advances over time – it’s up to you! 


  • Because there are no monthly mortgage payments required, interest rates for the CHIP Plan tend to be higher than that of a traditional mortgage option. 
  • The balance of the loan increases over time as does the interest on the loan. 

How do I qualify for a CHIP Reverse Mortgage?

To be considered eligible for a reverse mortgage in Canada, and to determine the amount of a reverse mortgage that you qualify for will depend on the following factors:

  • A Canadian homeowner
  • Aged 55 or older (if you have a spouse, both of you must be at least 55 years old to be eligible)
  • Location of your home
  • Type of home (for example, detached, condo, townhouse, etc.)
  • Appraised value of your home (minimum appraised value of $250,000)
  • The condition of your home
  • The amount of home equity

How are the fees and interest rates for a reverse mortgage calculated?

CHIP Reverse Mortgage interest rates are available in both fixed and variable terms. The variable rate will fluctuate as it is directly influenced by the Bank of Canada’s prime rate. If the Bank of Canada’s prime rate increases, for example, your Reverse Mortgage interest rate will also increase. Our fixed rates are set for a pre-determined timeframe and are available for a six-month, 1-year, 3-year or 5-year period. 

The closing fee charged by HomeEquity Bank for most clients is $1,795, although individual circumstances do vary. The closing fee is deducted from the proceeds of the mortgage, instead of being paid out of pocket. The closing fee covers legal, administrative costs, discharging any prior mortgage and registration of the CHIP Reverse Mortgage. 

Learn More about CHIP’s fixed and variable Reverse Mortgage Interest Rates. 

Am I able to get a CHIP Reverse Mortgage with a low credit score?

Yes, The CHIP Reverse Mortgage is designed specifically to assist Canadian homeowners 55+ and improve their financial situation. While your credit score is a consideration, we take a holistic view of your financial history. The loan amount you’re approved for is also based on factors like your age, the appraised value of your home, its location, and your personal debts.

What is the maximum amount you can get from a CHIP Reverse Mortgage?

Multiple factors such as age, location, and the appraised value of the home affect the maximum amount of the CHIP Reverse Mortgage. After all factors are considered, the maximum amount you may qualify for is up to 55% of the value of the home. 

How does repayment of the reverse mortgage work?

You are not required to make any payments on a CHIP Plan until you choose to move or sell your home. You are, however, required to ensure that your property taxes and homeowners’ insurance are kept up to date. When you do decide to move or sell, the loan is repaid from the proceeds of the sale of the home. After the loan is repaid, all remaining money belongs to you and your estate. On average, CHIP customers have over 50% of the value of their home left to enjoy after repaying the loan. The exact amount will depend upon several factors, including: the value of your home, the amount of your loan, and the amount of time that has passed since you took out the loan.

Will I have to pay taxes for the additional retirement income?

No, a reverse mortgage is considered tax-free income, thus Medicare or pension benefits will not be affected.

For more information, and to see what your Reverse Mortgage can be worth, try our Reverse Mortgage Calculator.

For more questions, please see our complete list of Frequently Asked Questions or call 1-866-758-2447 to get your questions answered by a reverse mortgage professional.


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