CHIP Reverse Mortgage is a Canadian financial solution provided by Home Equity Bank that benefits Canadian homeowners. HomEquity Bank is a Schedule 1 Canadian Bank, founded in 1986 as an annuity based solution addressing the financial needs of Canadians who want to access the equity of their top asset – their home.
What is a CHIP Reverse Mortgage?
It's a financial solution designed for senior Canadian homeowners. Features include:
- You can access up to 55% of the value of your home
- You always maintain ownership of your home and never have to move or sell
- There are no payments required
- You can receive your tax-free cash over time or one lump sum
CHIP Reverse Mortgage is the only reverse mortgage product in Canada Recommended by CARP, Canada’s largest non-profit, non-partisan advocacy association for Canadians
Products : Reverse Mortgage
How it works?
- By choosing the CHIP Reverse Mortgage, you receive income in your lifetime while retaining full control of the place where you rest your head.
Advantages :
- Security. Ownership. Flexibility : The CHIP Home Income Plan, now called a CHIP Reverse Mortgage, was created by HomEquity Bank, a Schedule 1 Canadian Bank. It was founded 30 years ago as an annuity based solution addressing the financial needs of Canadians who want to access the equity of their top asset – their home.
- A Secure Source of Income : Simply put, a CHIP Reverse Mortgage is a loan secured by your home with a big difference. With CHIP, you do not have to make any payments interest or principal for as long as you or your spouse live there. All you have to do is keep your property in good maintenance, pay your property taxes and property insurance.
- Designed with Homeowners in Mind : At your stage of life, excessive risk is the last thing you need. That’s why we specifically designed the CHIP Reverse Mortgage to be financially sound. You maintain full ownership of your home. And we guarantee you’ll never owe more than the fair market value at the time it is sold, so you can rest assured your CHIP Reverse Mortgage will never be a burden to your heirs.
- A Canadian Solution : The CHIP Reverse Mortgage was created for the express purpose of helping Canadian homeowners. It is recognized by all of our country’s major banks (and many small ones) as well as credit unions and financial planners.
Requirements :
- Age 55 or older
- Up to 55% of the home value
- Tax-free cash
- No Monthly Payments
