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.

Your responsibility:

The home must remain your primary residence. Simply pay your property taxes and home insurance, and keep your property well-maintained.

Independent, third party information:

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.
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The benefits of the CHIP Reverse Mortgage

The freedom to retire in the home you love.

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
  • Travel
  • Purchase a vacation property

Joanne’s story

“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.”