Benefits of the CHIP Program

The CHIP Program is designed for Canadian homeowners age 55 years and older who want to live retirement on their terms. If you’re like most Canadian homeowners 55+, much of what you own fits into two categories – the equity in your home and the money you have saved. It is likely that the value of your home has grown over the years and makes up a large portion of your net worth. And while it is positive that your home has built value – this value is not accessible unless you decide to sell your home. The CHIP Program allows you to access up to 55% of its value without having to sell your beloved home. And best off all, you don’t have to make regular mortgage payments until you eventually move or sell. Additionally, the money you borrow is tax-free and it does not affect the Old-Age Security or Guaranteed Income Supplement (GIS) benefits you may be getting. As the homeowner, you are required to maintain your home and remain current on property taxes and homeowners insurance. To recap, the CHIP Plan is suitable for people who don’t want to move but would like to improve their monthly cash flow. With the CHIP Mortgage you always remain on title and retain ownership and control of your home.

Maintain Ownership Of Your Home

A reverse mortgage is a loan secured against the value of your home. It is designed exclusively for homeowners aged 55 years and older. It enables you to convert up to 55% of your home’s value into tax-free cash. The funds from a reverse mortgage can be used for whatever you desire; to cover monthly expenses, renovate your home, pay-off debt or travel – the choice is yours! With a reverse mortgage, you maintain ownership of your home and there are no monthly mortgage payments required. Repayment of the loan is only required once you chose to move or sell. We guarantee that the amount you eventually repay will never exceed the fair market value of your home. And if your home goes up in value, the appreciation is all yours. You are simply required to maintain your property and pay the taxes and insurance.

You’re In Control

You worked hard to become a homeowner, and it’s important to us that we keep it that way. With a Canadian Reverse Mortgage, you always maintain control of your home*. In other words, you will never be forced to sell or move as a result of changing home values or earning power (remember, there are no monthly mortgage payments). And we guarantee the amount that you or your estate eventually has to repay will never exceed the fair market value of your home at the time it is sold*. There’s no reason your home should ever be a burden to you or your family.

If your home goes up in value, the appreciation is all yours. Simply maintain your property and pay the taxes and insurance. When you retire, you shouldn’t have to give up the home you love.

The CHIP Reverse Mortgage is structured around you. You can choose to receive your tax-free money over a longer period of time or all together. It’s up to you. If at any time you want to repay the principal and interest in full, or switch to paying interest on an annual or monthly basis, you can do that too.

A Safe Solution

A reverse mortgage offers a safe solution for Canadian homeowners aged 55+ to access their home equity and turn it into tax-free cash without the requirement of monthly mortgage payments. Unlike a traditional mortgage, with the reverse mortgage, you will not need to make any principal or interest payments until you and your spouse leave the home.

As a federally regulated Schedule 1 bank, HomeEquity Bank meets the highest safety and security standards. For over 30 years, we’ve helped Canadian homeowners 55 and over retire freely in their own home. That’s why it’s no surprise that HomeEquity Bank is Canada’s leading provider of reverse mortgages.

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