What is a reverse mortgage?
You always maintain ownership and control of your home.
- A reverse mortgage is a way for Canadian homeowners 55 or older to turn up to 55%* of the value of their home into tax-free cash. It lets you retire safely and securely in the home you love.
- It’s a loan secured against the value of the home. Unlike a traditional home equity line of credit or conventional mortgage, there are no monthly mortgage payments for as long as you live in your home.
The CHIP Reverse Mortgage is provided by HomeEquity Bank, a Federally Regulated Canadian Bank.
How to qualify
Exclusively for Canadian homeowners 55 and over
- All applicants area at least 55 years old
- Your home is your principal residence
- Any loans secured by your home (e.g. mortgage or home equity line of credit) must be less than funds available from CHIP.
Why choose CHIP?
- Get up to 55% of the value of your home
- Stay in your home
- Maintain full ownership and control
- Free yourself from monthly mortgage payments until you choose to move or sell
- Receive your money tax-free
- Option to make advance interest payments.*
Your retirement, your way
- Pay off debts
- Renovate your home
- Take care of unexpected expenses
- Help the ones you love
- Enjoy the retirement you deserve
- Purchase a vacation property
“I’ve lived in the same house for over 30 years. I know everyone in the neighbourhood; we’d all spent years together. It’s like my neighbours are a second family.
When I retired, I really thought I’d have to downsize and move to be able to afford a comfortable retirement. I reached out to my mortgage broker and she recommended HomeEquity Bank. The CHIP Reverse Mortgage made it easy for me to stay in the home I love, close to my family and friends – even after retiring.
I don’t know where i’d be without CHIP.”