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Access up to 55% of the value of your home

The CHIP Reverse Mortgage Process is Easy

  1. 1

    Estimate

    Find out how much money you can get with a free estimate

  2. 2

    Review

    Our consultants and specialist will contact you to verify your information and answer question.

  3. 3

    Receive

    Receive the money you need in one lump sum or multiple installments

  4. 4

    Payment

    There are no monthly mortgage payments. The full amount becomes due when you are no longer in the home.

How the CHIP Reverse Mortgage Works in Canada


CHIP Home Equity Calculator

Changing the Financial Equation

There’s no retirement like home. If you’re like most Canadian homeowners 55 or over, much of what you own fits into one of two categories – the equity in your home and the money you have saved. Chances are, the value of your home has grown over the years and makes up a good portion of your net worth. While having a home that has built value is a positive, you typically can’t spend that value unless you sell your home. The CHIP Reverse Mortgage from HomeEquity Bank lets you stay in your home and access up to 55%* of its value.

That’s Where the CHIP Reverse Mortgage Comes In.

The CHIP Reverse Mortgage from HomeEquity Bank allows you to turn some of your home equity into tax-free cash. You can get up to 55%* of its value. It also ensures you have access to that cash whenever you want it. You’ll maintain ownership and control of your home without the obligation to make regular mortgage payments until you move or sell.

CHIP Reverse Mortgage

You're In Control with a Reverse Mortgage

You worked hard to become a homeowners, and it’s important to us that we keep it that way. With a CHIP Reverse Mortgage®, you always maintain control of your home*. In other words, you will never be forced to sell or move as a result of changing home values or earning power (remember, there are no monthly mortgage payments). And we guarantee the amount that you or your estate eventually has to repay will never exceed the fair market value of your home at the time t is sold*. There’s no reason your home should ever be a burden to you or your family.

* As long as you keep you property in good maintenance, pay your property taxes and meet your obligations outlined in your mortgage contract.

Canadian homeowners should be rewarded. After all, you worked hard to become one. We guarantee the amount that you eventually repay will never exceed the fair market value at the time it is sold*. And if your home goes up in value, the appreciation is all yours. Simply maintain your property and pay the taxes and insurance. When you retire, you shouldn’t have to give up the home you love.

Value in Home

Your Money, Your Way

The CHIP Reverse Mortgage is structured around you. As a Canadian homeowner, you deserve complete control. Receive your tax-free money over a longer period of time or all together. It’s up to you. If at any time you want to repay the principal and interest in full, or switch to paying interest on an annual or monthly basis, you can do that too.That’s the kind of freedom you get with the CHIP Reverse Mortgage. The freedom to retire on your own terms.

House Value

You Have Earned Your Home Equity

You have the right to access the equity in your own home, regardless of your current age or health. When you plan your retirement with CHIP, you have to 55 or older but there are no health checks required. What matters to us is a safe and secure retirement for you.

HomEquity Bank

By Canadians, For Canadians

As a federally regulated Schedule 1 bank, HomeEquity Bank meets the highest safety and security standards. For over 30 years, we’ve helped Canadian homeowners 55 and over retire freely in their own home. That’s why it’s no surprise that HomeEquity Bank is Canada’s leading provider of reverse mortgages.

Find out how much money you can get?

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What is CHIP?

How Reverse Mortgages Work

A CHIP Reverse Mortgage is a home equity loan available exclusively to Canadian homeowners 55 or older.

Learn More

Reverse Mortgage Videos

Reverse Mortgage Videos

Watch these videos from HomeEquity Bank and learn more about CHIP Reverse Mortgage

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