CHIP Reverse Mortgage
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:
- Seniors First B.C. http://seniorsfirstbc.ca/for-professionals/reverse-mortgages/
- Government of Canada https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reverse-mortgages.html
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.
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.”