TURN YOUR DREAM HOME INTO REALITY
CHIP Reverse Mortgage
Achieve homeownership with financing that works for you.
Ownership Options
Secure financing for your dream home with our competitive mortgage offerings.
Credit Friendly Options
Financing available for all credit backgrounds to help you become a homeowner.
Flexible Loan Terms
Manageable repayment plans that make homeownership achievable.
Quick Approval Process
Move into your new home sooner with a fast and efficient funding process.
Considering a CHIP Reverse Mortgage?
Unlock the Value of Your Home in Retirement
Are you looking for a way to supplement your retirement income without selling your home? A CHIP Reverse Mortgage allows Canadian homeowners aged 55 and older to access up to 55% of their home’s value while staying in their property. With no monthly payments required and competitive interest rates, it’s a reliable way to secure financial freedom in your golden years.
Apply now to start making the most of your home equity.
Certified Team
Our experts are trained to help you find the best loan options for your needs.
Trusted Company
Thousands trust us for straightforward and reliable financial services
Apply For a Loan
Get Approved in a Few Simple Steps
Transform Your Home and Property Dreams into Reality
Flexible Financing Options
Simplified Options for CHIP Reverse Mortgages
Are you unsure if a reverse mortgage is right for you? We provide clear guidance and fast approvals to help you navigate this process with confidence. A CHIP Reverse Mortgage can help you access funds for living expenses, home improvements, or other needs, all while you remain in your home.
Apply today and take the first step toward financial peace of mind.
BUILD OR UPGRADE TODAY!
Apply now to bring your home or land goals to life!
FAQs
Frequently Asked Questions
The CHIP Reverse Mortgage is a loan designed for Canadian homeowners aged 55 and older, allowing them to access up to 55% of their home's appraised value without selling their property. The funds received are tax-free and can be used for various purposes, such as paying off debts, covering healthcare expenses, or enhancing retirement income.
To qualify, you and your spouse must be at least 55 years old, and the property must be your primary residence with an appraised value of at least $250,000. The home should be well-maintained, and you must keep up with property taxes and insurance.
Yes, you maintain full ownership and control of your home. HomeEquity Bank, the provider of the CHIP Reverse Mortgage, simply holds a first mortgage on the title. You are responsible for property maintenance, taxes, and insurance.
The amount you can borrow is based on factors such as your age, your home's location, and its appraised value. Generally, older homeowners with higher-valued properties in desirable locations can access a larger percentage of their home's equity.
No, there are no monthly mortgage payments required with a CHIP Reverse Mortgage. The loan, along with accumulated interest, is repaid when you sell your home, move out, or pass away.
HomeEquity Bank offers a No Negative Equity Guarantee, ensuring that you or your estate will never owe more than the fair market value of your home at the time of sale, provided you have met your mortgage obligations.