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.
Our Products
PURPOSE
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.
BEST USED FOR
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Maintain your lifestyle in retirement
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Increase your monthly cashflow
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
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Canadian homeowners
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Age 55 or better (you and your spouse must be 55+)
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Home must be your primary residence
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Minimum appraised home value of $250,000
Most Popular
PURPOSE
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.
BEST USED FOR
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Pay for your home renovation
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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 appraised home value of $250,000
PURPOSE
CHIP Max is designed to give our younger clients more immediate access to a 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.
BEST USED FOR
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Get cash 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 appraised home value of $300,000
PURPOSE
Our newest product is made for homeowners 55+ searching for a short-term financing solution with the option to repay the full loan amount at any time without prepayment penalties. If your financial situation changes and you need a longer-term loan, the CHIP Open loan can be converted to the CHIP Reverse Mortgage***.
BEST USED FOR
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Assist with bridge financing needs
-
Obtain the capital to seize a new opportunity
KEY BENEFITS
All funds received are tax-free
Repay full amount at any time without penalty
Maintain ownership of your home
No Negative Equity Guarantee** never owe more than the fair market value of your house
No monthly mortgage payments required
AVAILABLE ADVANCES
$25,000 minimum initial advance amount
Optional subsequent advances may be available ($5,000 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 appraised home value of $300,000
PURPOSE
HomeBridge is our new solution built for homeowners 55+ looking to establish their living legacy by using their home equity to gift their family member(s). Leveraging our CHIP Reverse Mortgage product, HomeBridge enables you to access up to 55% of your home value in tax-free cash.
BEST USED FOR
-
Build your living legacy
-
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 ($5,000 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 appraised home value of $250,000
*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.
***$500 conversion fee applies. Upon conversion, you will be subject to the terms and conditions of the CHIP Reverse Mortgage. Prepayment privileges and penalties may apply.
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