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Feel Right at Home with Your Options

With HomeEquity Bank, you have flexible options that will help you get the most out of your home, your money – and your life. Whether you need a steady stream of income, or one big lump sum amount to help you achieve a dream or financial goal, we have several products to suit your needs.

With HomeEquity Bank, you have flexible options that will help you get the most out of your home, your money – and your life.

Let’s match your needs to the right Reverse Mortgage product for you!

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Our Products

CHIP Reverse Mortgage

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Provides a steady stream of income to boost your existing retirement income. It helps make planning easier by filling in gaps between your current income and expenses. You determine the amount and the frequency of your advances.

  • Maintain your lifestyle in retirement
  • Alleviate day to day financial stress
Key Benefits
  • All funds received are tax-free
  • Maintain ownership of your home
  • No Negative Equity Guarantee** never owe more than the fair market value of your house
  • No payments required until you move or sell
Available Advances
  • $20,000 minimum initial advance amount
  • Minimum $1000 monthly or $3000 quarterly advance (customizable)
  • Receive up to 55% of your home’s value
Eligibility
  • Canadian homeowners
  • Age 55 or better (you and your spouse must be 55+)
  • Home must be your primary residence
  • Minimum home value of $150,000

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Most Popular
CHIP Reverse Mortgage

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Custom built for homeowners 55 and over, it enables you to access up to 55% of your home value in tax-free cash. It provides a lump sum of money to be used however you like – pay off debts or an unplanned expense or buy that vacation home you’ve always wanted. The choice is yours.

  • Pay for your home renovation
  • Alleviate the stress of debt
Key Benefits
  • All funds received are tax-free
  • Maintain ownership of your home
  • No Negative Equity Guarantee** never owe more than the fair market value of your house
  • No payments required until you move or sell
Available Advances
  • $25,000 minimum initial advance amount
  • Optional subsequent advances may be available ($5000 Minimum)
  • Receive up to 55% of your home’s value
Eligibility
  • Canadian homeowners
  • Age 55 or better (you and your spouse must be 55+)
  • Home must be your primary residence
  • Minimum home value of $150,000

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CHIP Reverse Mortgage

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Our newest product is designed to give our younger clients more immediate access to a higher percentage of their home equity. If you’re considering alternative lenders or a second mortgage, the CHIPMax Reverse Mortgage may offer you more value in the long run.

  • Get the cash needed for large unforeseen expenses
  • Help your kids buy their first home
Key Benefits
  • All funds received are tax-free
  • Maintain ownership of your home
  • No Negative Equity Guarantee** never owe more than the fair market value of your house
  • No payments required until you move or sell
Available Advances
  • $25,000 minimum initial advance amount
  • Optional subsequent advances may be available ($5000 Minimum)
  • Receive up to 55% of your home’s value
Eligibility
  • Canadian homeowners in select locations
  • Age 55 or better (you and your spouse must be 55+)
  • Home must be your primary residence
  • Minimum home value of $300,000

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*Conditions apply. The results of this tool are to be used for illustration purposes only. In order to understand what you may be eligible for, additional information must be collected.

**Conditions apply. You must maintain the condition of your property and your taxes and insurances must be up to date.

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