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A limited income during retirement combined with rising costs of living means many Canadians may have trouble maintaining their lifestyle – but there are financial options available to help.
What is a
Reverse Mortgage?
A Reverse Mortgage allows Canadian homeowners age 55+ to access part of the equity in their home in the form of tax-free cash.
Sometimes you just need a little extra cash
You may be able to access up to 55% of your home’s equity
And this money can be used however you choose
Plus, what you see is what you get
You get to
enjoy ultimate
financial flexibility
Contact one of our Reverse Mortgage Specialists today for more information!
A Reverse Mortgage is a financial solution that enables Canadian homeowners age 55+ to access part of the equity in their home while retaining full ownership and title.
Boost your lifestyle
Increase monthly cashflow
Consolidate debt
Buy another property
Cover medical expenses
Renovate or retrofit your home
Pay for travel
The funds from a reverse mortgage can help:
Funds Become Available
You decide if you want to receive your funds in one lump sum or advances over time, the choice is yours!
6
qualification amount
One of our Reverse Mortgage Specialists will reach out to notify you of how much cash you qualify for.
4
Legal
Process
You select your own lawyer to provide independent legal advice (ILA). However,
your Reverse Mortgage Specialist can also
recommend a lawyer familiar with the product.
5
Your Reverse Mortgage Specialist will arrange an appraisal to confirm the current value of your home.
Home
Appraisal
3
Initial Phone Meeting
Speak with one of our Reverse Mortgage Specialists, who can answer your questions and assess your individual circumstances to ensure this solution is right for you.
2
Get your
FREE Estimate
Find out how much tax-free cash you could receive with the CHIP Reverse Mortgage.
1
Reverse Mortgage in Canada
Getting a
The money received from a Reverse Mortgage is tax-free and requires no monthly mortgage payments.
The process of getting the CHIP Reverse Mortgage is safe and convenient.
How you receive your funds is totally up to you – whether you’d like to have the full amount all at once as a lump sum or spread out into regular deposits.
1-855-207-2927
Pros
Cons
Access up to 55% of your home’s equity, totally tax-free
The pros and cons
of a Reverse Mortgage
Interest rates are slightly higher than a traditional mortgage or HELOC
Conventional
Mortgage
3 – 4%
Click on the icons below for more information
Home Equity Line of Credit
CHIP Reverse
Mortgage
Unsecured Line of Credit
Personal Loan
Private Equity Lending
Credit
Cards
Cash Advance or Payday Loans
3.5 – 5.5%
The Interest Rates
The CHIP Reverse Mortgage actually has some of the lowest interest rates compared to alternative lending options available to Canadians age 55+.
5 – 7%
4.5 – 8%
8.5 – 12%
8 – 14%
12 – 23%
>30%
Hover over the icons for more information
Click the circles for more information
It’s a common misconception that a Reverse Mortgage has high up-front expenses, but the costs to obtain a Reverse Mortgage are actually quite similar to those of a conventional mortgage. These costs include an external appraisal fee, independent legal fee, and administrative fees. See below to get a better idea of how the fees for a Reverse Mortgage and conventional mortgage compare.
Reverse Mortgage
The true costs of a
CONTACT
Contact one of our Reverse Mortgage Specialists today
for more information!
You and your spouse’s age (if they are also registered on the title of the home)
The amount you may qualify for with the CHIP Reverse Mortgage
from HomeEquity Bank is determined by the following factors:
for a Reverse Mortgage
How to qualify
for a Reverse Mortgage
Click for more
information
Lump sum payment
Receive the full amount directly in your bank account with a single deposit.
Option 1
Click for more
information
The Reverse Mortgage amount you could be eligible for is determined by several factors, including your age, property location, home type, and the appraised value of your home.
Find out how much money you qualify for!
Emma is a 72-year-old woman with no spouse who lives in Halifax, Nova Scotia.
Take Emma, for example…
CALCULATE NOW
It’s that easy! Explore our CHIP Reverse Mortgage Calculator
to discover how much tax-free cash you could receive.
With the flexibility of the CHIP Reverse Mortgage, you can customize how you receive your funds to meet your personal needs.
Getting your funds
There’s only one way to get these funds deposited into your
bank account – start by getting your free estimate today!
GET YOUR FREE ESTIMATE
1
2
4
3
5
6
Take this short quiz to find out if you are eligible.
To be eligible to apply for the CHIP Reverse Mortgage in Canada, you (and your spouse) must meet certain criteria.
TAKE THE QUIZ
Will you pay off any existing mortgage or lien against your property with the proceeds from the Reverse Mortgage (or by other funds before the Reverse Mortgage is taken)?
YES
NO
Are you (and your spouse) age 55 or older?
YES
NO
Is your home worth $200,000 or more?
YES
NO
Do you own the property as your primary residence?
YES
NO
You are eligible to apply!
The equity you have in your home
The appraised value of your home
The location of your home
(if they are also registered on the title of the home)
Current interest rates
The home type (e.g. detached, semi-detached, condo, etc.)
RETAKE QUIZ
You are not eligible to apply
You’re age 55 or older
You own the property as your primary residence
Your home is worth $200,000 or more
Any existing mortgage or lien against your property will be paid off by the proceeds from the Reverse Mortgage (or by other funds before the Reverse Mortgage is taken)
To be eligible to apply for the CHIP Reverse Mortgage in Canada,
you (and your spouse) must meet the following criteria:
Conventional Mortgages vs. Reverse Mortgages
To determine the fair market value of the home.
Legal Fee
To receive independent legal advice from a lawyer chosen by you.
Appraisal Fees
Other Fees
$300-600
$500-900
$300-600
$300-600
The lender orders on the borrower’s behalf
Paid to external property assessment company
Conventional Mortgage
Reverse Mortgage
0.3% - 3% of the home cost for Land Transfer Tax
Administrative fees
$1,795
+ $100 - $300
Title Insurance
+ $200 - $400
Home Inspection Costs
With rising costs of living and her investments taking a dip, she’s had to start withdrawing more of her retirement savings to maintain her lifestyle, causing stress and financial uncertainty.
To help with her monthly cash flow, Emma explored
the option of getting the
CHIP Reverse Mortgage.
She lives in a detached home in the city. And because her neighbour recently sold his house for $400,000, which is very similar to hers, she estimates her home to be worth about the same.
Based on Emma’s age, the neighbourhood, her
home’s type, and its appraised value, Emma was thrilled that she could receive approximately $159,500 in tax-free cash to help give her the financial freedom she needs to live a comfortable retirement.
Regular deposits
Scheduled deposits into your bank account as either monthly or quarterly payments to provide a steady cash flow.
Option 2
1. Minimum lump sum is required.
2. As long as you abide by your mortgage obligations.
3. May be subject to an appraisal and our lending terms and conditions.
4. The fees may vary depending on your individual circumstances.
Click the icons for more information
Hover over the icons for more information
You only repay when you decide to move or sell
Best of all, a Reverse Mortgage loan doesn’t need to be repaid as long as you live in the home. If the property is sold, all remaining equity after repayment of the loan is left to the homeowners or their estate.
TAKE THE QUIZ
NO
YES
NO
YES
NO
YES
NO
YES
RETAKE QUIZ
1-855-207-2927
of the CHIP Reverse Mortgage
1-855-207-2927
1-855-207-2927
1-855-207-2927
1-855-207-2927
CALCULATE NOW
GET YOUR FREE ESTIMATE
®
1-855-207-2927
Retake Quiz
BACK TO TOP
No monthly mortgage payments required
Allows you to leverage one of your most valuable assets
Stay in the home you love
as long as you like and retain
full ownership and title
No restrictions on how you spend the money
Gain additional financial freedom without having to take money from your retirement savings
Can access additional equity
if the home’s value increases
Cash can be deposited as a
lump sum or regular deposits
Almost all HomeEquity Bank customers – or their heirs – have money left over to enjoy once the loan is repaid
As with any loan, the balance increases over time
If repaid in the first five years, there may be early prepayment charges
You are borrowing against the value of your home and may not be able to borrow more money this way in the future
CONTACT
It’s a common misconception that a Reverse Mortgage has high up-front expenses, but the costs of a CHIP Reverse Mortgage are actually quite similar to those of a conventional mortgage. These costs include an external appraisal fee, independent legal fee, and administrative fees. See below to get a better idea of how the fees for a Reverse Mortgage and conventional mortgage compare.
Conventional Mortgage
Reverse Mortgage
Reverse Mortgage
The true costs of a
Reverse Mortgages vs. Conventional Mortgages
$1,795
0.3% - 3%
of the home cost for Land Transfer Tax
+ $100 - $300
Title Insurance
+ $200 - $400
Administrative fees
Other Fees
To determine the fair market value of the home.
$300-600
$300-600
The lender orders on the borrower’s behalf
Paid to external property assessment company
Appraisal Fees
Legal Fee
$300-600
$500-900
To receive independent legal advice from a lawyer chosen by you.
Cons
Pros
Interest rates are slightly higher than a traditional mortgage or HELOC
As with any loan, the balance increases over time
If repaid in the first five years, there may be early prepayment charges
You are borrowing against the value of your home and may not be able to borrow more money this way in the future
Access up to 55% of your home’s equity, totally tax-free
Tap the circles for more information
The pros and cons
of a Reverse Mortgage
The process of getting the CHIP Reverse Mortgage
is safe and convenient.
®
Tap the icons for more information
Reverse Mortgage in Canada
Getting a
6
4
5
3
2
1
Funds Become Available
You decide if you want to receive your funds in one lump sum or advances over time, the choice is yours!
6
qualification amount
One of our Reverse Mortgage Specialists will reach out to notify you of how much cash you qualify for.
4
Legal Process
You select your own lawyer to provide independent legal advice (ILA). However, your Reverse Mortgage Specialist can also recommend a lawyer familiar with the product.
5
Your Reverse Mortgage Specialist will arrange an appraisal to confirm the current value of your home.
Home
Appraisal
3
Initial Phone Meeting
Speak with one of our Reverse Mortgage Specialists, who can answer your questions and assess your individual circumstances to ensure this solution is right for you.
2
Get your
FREE Estimate
Find out how much tax-free cash you could receive with the CHIP Reverse Mortgage.
1
1-855-207-2927
CALCULATE NOW
No monthly mortgage payments required
Allows you to leverage one of your most valuable assets
Stay in the home you love as long as you like and retain full ownership and title
No restrictions on how you spend the money
Gain additional financial freedom without having to take money from your retirement savings
Can access additional equity if the home’s value increases
Cash can be deposited as a lump sum or regular deposits
Almost all HomeEquity Bank customers – or their heirs – have money left over to enjoy once the loan is repaid
1
1
2
3
4
1
You get to enjoy ultimate
financial flexibility
2
2
3
Reverse Mortgage
1
>30%
12 - 23%
8 - 14%
8.5 - 12%
4.5 - 8%
5 - 7%
3.5 - 5.5%
of the home cost for Land Transfer Tax
Title Insurance
Home Inspection Costs
Lump sum payment
Receive the full amount directly in your bank account with a single deposit.
Option 2
YES
NO
YES
NO
YES
NO
>30%
>30%
>30%
>30%
>30%
>30%
>30%
Tap on the icons for more information
Contact one of our Reverse Mortgage Specialists today for more information!
1-855-207-2927
Find out how much money you qualify for!
of the home cost for Land Transfer Tax
Title Insurance
Home Inspection Costs
2