CHIP Reverse Mortgage Features-Customer Testimonials Video
Enjoy Security, Ownership and Flexibility with the CHIP Reverse Mortgage from HomeEquity Bank, Canada.
Homeowners over the age of 55 can utilize up to 55% of their home equity as an additional source of income, retain ownership of their home and enjoy the flexibility of making payments as they wish without the burden of monthly payments.
Our home is very special and that’s why we want to stay there.
CHIP reverse mortgage allowed me to keep my home, allowed me to do whatever I wish.
The money from the CHIP reverse mortgage helped to offset sudden expenses.
The biggest advantage of the CHIP mortgage is the fact that there is no monthly payments.
I have no hesitation of recommending CHIP to anyone.
I don’t think I’ve been as relaxed as I have been since we shook hands with CHIP.
The power of a CHIP reverse mortgage can change your life.
Mary M., Pritchard, British Columbia
Major life changes can happen at any time. For Mary, 67, her divorce after 40 years of marriage presented some challenges. A priority for Mary was that her home was comfortable and well-maintained.
Mary used her home equity to finance maintenance and improvements to her home. She accessed about 40% of the equity in her home with a CHIP Reverse Mortgage. Taken as a lump sum, the money financed the construction of a new deck and garage. A hot tub purchase is also planned in the near future.
Mary also used some of the money for cash flow.
It is easy to adjust to retirement knowing that my future was financially secure.
Patrick and Ann O., Calgary, Alberta
It mattered a lot to John, the son of Patrick, 83 and Ann, 76, that his parents live comfortably in retirement. With Patrick in a long-term care facility while Ann lived in the family home, the bills started piling up.
With Power-of-Attorney, John recommended the CHIP Reverse Mortgage solution to his parents. With their agreement, he proceeded to secure it.
At the outset, Patrick and Ann accessed about 20% of their home equity to pay off their line or credit and credit card balances. John also arranged an additional $1,000 per month to cover his father's medical care expenses.
John and his parents couldn't be happier. He says,
CHIP made a lifestyle difference and opened many doors.
Ben and Inge H., Parry Sound, Ontario
After 15 years of retirement Ben, 74, and Inge, 72, were worried when they realized their lifetime RRSP savings were running low. To maintain their lifestyle with a consistent and dependable cash flow, Ben and Inge considered a range of options.
When Inge saw the CHIP Reverse Mortgage on television, she wanted to learn more.
Inge and Ben were excited about accessing their home equity with no payments until such time that they were ready to sell and move. They accessed over 38% of the equity locked up in their home, investing almost everything in low-risk investments. The income generated by the investments is now supplementing their monthly cash flow.
Inge is thrilled with how things turned out. She says,
I am worry-free for the rest of my life. No more financial worries is the most fantastic feeling a person can have. We wanted to stay in our house because we love it. If it wasn’t for CHIP, I could have never stayed in my house.
Monique O., Saint-Bruno-de-Montarville, Québec
When Monique, 77 years of age, found herself short of cash, she didn't feel right asking her children for help. With a strong independent streak, Monique had always relied on herself.
Monique was intrigued when she saw a CHIP Reverse Mortgage commercial on television. She inquired about meeting a CHIP representative. At the outset, Monique was skeptical but was reassured by the clear and transparent process.
After careful consideration and consultation with her son, Monique was confident that the CHIP Reverse Mortgage would meet her needs.
It worked out perfectly for Monique. Through CHIP Reverse Mortgage, she accessed 34% of the equity of her home. By not accessing the full lending limit of her plan, she can access additional capital for future needs.
Monique felt great relief paying off her existing mortgage. As well, money that used to service her debt now supplements her monthly cash flow. Monique is especially proud of living in her home while retaining her financial independence.
I am proud that I am able to stay living in my home while maintaining my financial independence.
Alisha P.; Brampton, ON
Alisha, 55, is a single mother supporting her family after her husband passed away. She worked full-time and wanted to be financially comfortable when she retired in a couple of years.
Her main concern was the private home equity line of credit (HELOC), with an interest rate of 8% secured to her home. Alongside this, her daughter, Breanna, had just graduated and Alisha wanted to pay off her student loans as a graduation present.
After speaking with one of her friends, Alisha contacted HomeEquity Bank to receive more details about the CHIP Reverse Mortgage. The interest rate was significantly lower than her private HELOC interest rate and the best part: There were no regular mortgage payments! Alisha was able to stay in her home, maintain her quality of life, pay off her HELOC, and help her daughter with her student loans.
HomeEquity Bank enabled me to stay in my home and start my retirement without any monthly debt payments; I was also able to give my daughter the best graduation gift possible.
Cathy T., Richmond Hill, ON
Cathy, 77, is a recent divorcée who has been finding it hard to keep up with her bills and debt payments since she and her husband finalized the divorce. After a year, Cathy received warnings that her utilities would be shut off due to her inability to pay.
After her gas/heat and phone were cut off, Cathy was in a panic to get help. She found out about the CHIP Reverse Mortgage and after familiarizing herself with the product, she went ahead and applied.
Cathy accessed a tax-free advance so she could have an additional $1000/month to supplement her income. The whole process was very efficient and fast, something Cathy appreciated given she had no heat and phone service and needed to access the funds as soon as possible.
Cathy was relieved and said,
The CHIP Reverse Mortgage gave me a feeling of security knowing that my finances are finally in order and I’m able to pay my bills.
Craig and Dawn S., Hamilton, Ontario
Craig, 82 and Dawn, 75, have been living in their classic suburban home for many years. Over the years, they started to notice their home deteriorating and their old car was in desperate need of repairs.
Craig spoke to his sister Colleen who suggested he look into a Reverse Mortgage to access cash and invest some of the money to improve their monthly cash flow.
Craig contacted HomeEquity Bank about the Income Advantage program and Craig and Dawn successfully accessed a full 40% of their appraised home value.
With no regular payments required, Craig and Dawn were able to preserve their existing RRIF investment portfolio, replace their car, make minor home renovations and create a monthly income stream with the remaining balance.
To be able to come up with a financial solution specifically for our needs and not have to worry about the consequences on our lifestyle is the ideal situation, and we are so grateful for it.
Frank M., Vancouver, British Columbia
Frank, 68, owns a legal consulting firm and wanted to invest more into marketing his company in order to compete with other firms. He needed $500,000 to invest in his business, but he still had a $200,000 home equity line of credit (HELOC) he needed to pay off.
Frank did some research to find out if he could borrow against his home equity and he discovered the CHIP Reverse Mortgage solution.
Frank accessed about 25% of the equity in his home with a CHIP Reverse Mortgage. With no regular payments, Frank used the CHIP Reverse Mortgage to pay off his HELOC and with the remaining funds, he invested in his business.
Frank couldn’t be happier. He says,
I can now concentrate on building a better business knowing that my company has access to the best resources possible.
Isabel W.; Nanaimo, BC
Isabel, 63, a self-employed freelance writer wanted to start fresh after her recent divorce, but was struggling to finance her home renovations because she was putting 45% of her monthly income towards her mortgage.
Isabel went to her bank and was introduced to the CHIP Reverse Mortgage, an ideal solution to help pay off her mortgage without any regular monthly payments.
With the CHIP Reverse Mortgage, Isabel was now able to increase her monthly cash flow and her quality of life. By completing her renovations, she was also able to increase the value of her home and start a new chapter in her life.
HomeEquity Bank provided me with a solution to increase my monthly cash flow and enabled me to improve my life after a tough divorce.
James and Mary B., St. Catherines, Ontario
In 2013, James, 78, and Mary, 72, received terrible news that their daughter Matilda was diagnosed with Stage 3 breast cancer. She ultimately had to leave her job in order to complete her cancer treatment.
After 2 years and accumulating a large amount of debt to financially support Matilda and her children during her treatment, collection agencies started calling. James and Mary were facing a decision to sell their home or declare bankruptcy until they spoke to Mary’s niece who suggested they look into a CHIP Reverse Mortgage.
James and Mary spoke to a CHIP Reverse Mortgage representative at HomeEquity Bank and after many questions and answers, they went ahead and accessed their home equity through a CHIP Reverse Mortgage. They were able to consolidate all of their debt at a much lower interest rate than their credit card and best of all, they were able to continue living in their home and help their daughter and her family throughout her treatment. With no regular payments required, James and Mary improved their monthly cash flow over time and reduced their stress.
CHIP saved us during the toughest of times and we are so grateful for finding out about this fantastic product!
James and Mary can now focus on Matilda’s treatment process and leave the financial worries behind.
Jerry C., Coquitlam, B.C.
Jerry, 86, retired over 20 years ago and has lived in his home for over 35 years. In 2013, Jerry sought advice from his bank to help manage his accumulating debt from credit cards and mortgage payments. He was presented with a line of credit, which he took out.
By 2015, his line of credit had maxed out and he was no longer able to pay for his mortgage and other loans. To make matters worse, Jerry was told that foreclosure proceedings would begin on his home.
Jerry saw a commercial on TV about the CHIP Reverse Mortgage and he decided to contact HomeEquity Bank to find out more about this solution. Knowing that he would not need to worry about any more monthly mortgage payments, Jerry happily accepted and took a CHIP Reverse Mortgage to pay off a large portion of his line of credit, consolidate his other debts and best of all, he was able to continue living in his home.
The CHIP Reverse Mortgage gave me my freedom and my home back.
John and Martha C., Calgary, Alberta
John, 67 and Martha, 72, were looking to downsize from their large home to a retirement villa so that they could improve their lifestyle, have a smaller property to maintain and incorporate some traveling into their daily routine.
They wanted to purchase a home in a new retirement villa within the same community as many of their close friends. Like many Canadians, they had accumulated debt over the years. With their growing debt and the cost of the new home they wanted to purchase, they needed a solution. Their neighbour had spoken about a CHIP Reverse Mortgage, so they looked into it further.
They phoned HomeEquity Bank and spoke to a representative who outlined the benefits. John and Martha were very excited about the product and the opportunity to afford the retirement villa while still being able to manage their debt.
The proceeds from their home sale financed the new home in the retirement villa and the CHIP funds were used to pay off their debt.
Thanks to the CHIP Reverse Mortgage, we can now live stress-free in our new retirement villa and even plan some vacations with our friends.
Mr. & Mrs. Kim., North York, ON
Mr. Kim (79) and Mrs. Kim (77) immigrated to Canada 50 years ago and worked hard to make ends meet.
10 years ago, Mr. Kim fell on some ice and after a year of physiotherapy, he was still unable to walk. Due to his physical disability, Mr. Kim was forced to retire from work. After a couple of years, the Kims were running low on their cash flow and Mrs. Kim was so absorbed with Mr. Kim’s disability, and with all the extra expenses, that she didn’t realize she had incurred credit card debt.
With minimal income and Mr. Kim’s disability, the Kims did not have many options available to them.
The Kims required cash flow in order for Mrs. Kim to maintain and retrofit their home so that Mr. Kim could be more self-sufficient. Mrs. Kim’s only stipulation was that she did not want to sell her home.
After speaking to an advisor, they went ahead with the application for a CHIP Reverse Mortgage.
Delightfully, Mrs. Kim said,
We are extremely blessed to have come across the CHIP Reverse Mortgage. It has not only relieved our anxiety but also gave us peace of mind during this tough time.
Russell and Lara K.; Collingwood, ON
Russell, 92, and Lara, 89, were on a small fixed retirement income but wanted to keep their family home. It was difficult to keep up with their monthly expenses, including a private mortgage with a high interest rate.
Ricky, their eldest son, noticed how anxious his parents were about their financial situation. He contacted HomeEquity Bank to receive more information for them.
Once they spoke with a specialist, Russell and Lara qualified for a full 55% of their appraised home value. While still being able to remain in their family home, they could pay off the remaining mortgage at an even lower interest rate, and still have enough income to put towards their retirement.
The CHIP Reverse Mortgage eased our anxiety and offered us the freedom to finally use our income for ourselves. The best part is we were able to stay in our memory-filled home.
Selena L.; Oshawa, ON
Selena, 66, moved into her home years ago with her husband with the intention of renovating and making it their own sanctuary. However, her husband suddenly passed away a year later and their dreams were put on hold.
Now with her home slowly deteriorating, she needed to renovate her home, but she wanted to avoid tapping into her investments to pay for the renovations.
After seeing a commercial for the CHIP Reverse Mortgage, she decided to apply to get a loan for her renovations. Selena qualified for more money than she anticipated, and was able to renovate her home just as her and her husband had dreamed. As a result, the value of the home increased and Selena finally felt at home.
I am so grateful I came across HomeEquity Bank. They were able to provide me with the best financial solution to help me create the home we always wanted.
Shirley H., Edmonton, AB
Shirley, 65, is a recent widow who is struggling with her finances even though she works part-time to make ends meet.
She had to make monthly mortgage payments and her part-time job at the local drug store only earned her a few extra hundred dollars a month after she made her mortgage payment. Shirley wanted to reduce her monthly mortgage payment so that she could have more cash flow each month.
She came across the option of a CHIP Reverse Mortgage and with no monthly payments, and a tax-free loan, it was the best solution to help her control her finances.
Shirley has since improved her monthly cash flow and reduced her financial stress.
The CHIP Reverse Mortgage offered me a solution to rebuild my financial security and to live a life I could finally enjoy. I now have the financial freedom to spend a little bit on myself every month without feeling guilty.
Violet C., Barrie, Ontario
Violet, 72, has been living in the old farm house she grew up in for most of her life. Over the years, she helped her children financially, but then her bills started to pile up and she was facing foreclosure.
Violet urgently needed some money in order to stay in her home. She also needed money to do some much needed renovations and to supplement her income. Violet’s best friend Jane suggested a CHIP Reverse Mortgage through HomeEquity Bank, since she had taken out a reverse mortgage the year before.
After speaking to a representative at HomeEquity Bank, Violet went ahead and accessed funds through a CHIP Reverse Mortgage. Violet was able to stay in her home, renovate her kitchen and bathroom and she even had extra money to supplement her income. She says,
The CHIP Reverse Mortgage allowed me to stay in my home and finally enjoy my retirement.
How it Works?
If you're like many other 55+ Canadians, much of what you own fits into two categories - the equity in your home ...
Reverse Mortgage Videos
Watch these videos from HomeEquity Bank and learn more about CHIP Reverse Mortgage