Why a CHIP Reverse Mortgage?

Retire in the comfort of your home
Access to Tax-Free-Cash
No monthly mortgage payments

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Rated 4.8 / 5 based out of 1000+ reviews

What’s a CHIP Reverse Mortgage?

A financial option for Canadians aged 55 or better to convert home equity in tax-free cash, with no monthly mortgage payments required.

How reverse mortgages can be used

With the CHIP Reverse Mortgage you can stay in the home you love while accessing cash to:

Boost retirement income and cash flow

Cover recurring health expenses such as in home care

Have access to money for unexpected expenses

Pay off high interest debts

Age in place by improving your home

Finance the kind of retirement you’ve always dreamed of

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What our customers are saying

Jadwiga

We were very pleased with both our agent’s communications, explanations and patience with our mind changes and questions. Once everything was in place, all paperwork and funding came through quickly. Thank you CHIP for great service all round.

Michael

I was able to speak with one person throughout the whole process and all of my concerns and information needed was addressed quickly. There was a lot of information required for the final transaction. This information was given to me in a very clear and transparent fashion. My questions were answered and I was listened to during the whole process I would recommend your service to others who may need similar help with a Reverse Mortgage.

Carolyn

The people who represented CHIP were professional and helpful. No pressure, but considered advice. The process was long and detailed but I was supported. I quite agree that every effort must be made to be sure the applicant has thought through everything and that they are making the right decision for them. Thank you.

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With CHIP you can stay in the home you love.

Free reverse mortgage calculator

In 2 minutes find out how you can qualify for tax-free cash with the CHIP Reverse Mortgage^® and get your FREE guide today!

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What's the estimated property value of your home?

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The CHIP Reverse Mortgage has some of the lowest interest rates in relation to alternative lending options you may be familiar with

How a reverse mortgage works?

Understanding the process helps you unlock your home's equity for a secure and comfortable retirement.

Gain insights into reverse mortgage process

Get your FREE estimate

Step 1

Speak with a specialist

Step 2

Determine when you will receive your funds

Step 3

Enjoy your tax-free cash

Step 4

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FAQs

CHIP Reverse Mortgage interest rates are available in both fixed and variable terms. The variable rate will fluctuate as it is directly influenced by the Bank of Canada’s prime rate. If the Bank of Canada’s prime rate increases, for example, your reverse mortgage interest rate will also increase. Our fixed rates are set for a pre-determined timeframe and are available for a six-month, 1-year, 3-year or 5-year period.

The closing fee charged by HomeEquity Bank for most clients is $1795 although individual circumstances do vary. The closing fee is deducted from the proceeds of the mortgage instead of being paid out of pocket. The closing fee covers legal, administrative costs, discharging any prior mortgage and registration of the CHIP Reverse Mortgage.

Learn More about CHIP’s Fixed and Variable reverse mortgage Interest Rates.

One of the advantages of the CHIP Reverse Mortgage is that there are no monthly mortgage payments required, however, you always have the option of making a prepayment if you prefer. If you decide to pay back your loan earlier than the terms agreed upon, you can speak with our Client Relations team to find out how much the prepayment penalty would be.

There are several factors to consider before deciding to proceed with a reverse mortgage. As with any big decision, it’s helpful to speak to family and friends and fully understand the pros and cons of the reverse mortgage in Canada. Some of the pros and cons include:

Pros:

You receive the reverse mortgage funds as tax-free cash that does not impact your Old-Age Security (OAS) or Canada Pension Plan (CPP) payments, and you can spend the money any way you like!
You stay in the home you love and maintain ownership and control of your home. All you must do is maintain your property and pay your property taxes and homeowner’s insurance.
There are no monthly mortgage payments required until you decide to move or sell your home.
The CHIP Program is a non-recourse loan which means that, at the time of repayment, you (or your estate) will never owe more than the fair market value of your home – our No Negative Equity Guarantee – as long as you have maintained your property taxes and insurance.
It is your choice how you receive the funds from the CHIP Plan. You can receive it all at once in a lump sum or in scheduled advances over time – it’s up to you!

Cons:

Because there are no monthly mortgage payments required, interest rates for the CHIP Plan tend to be higher than that of a traditional mortgage option.
The balance of the loan increases over time as does the interest on the loan.

A major benefit of the CHIP Reverse Mortgage is that you don’t have to make any regular mortgage payments or pay back the loan until you move or sell your home. You can repay your reverse mortgage at any time by paying off the amount borrowed plus any accrued interest. If you pay off your mortgage before the term is up, you may have to pay a prepayment charge. If you move out or sell your home, you have to repay your reverse mortgage. Most of our customers use the proceeds from the sale of their home to pay off their reverse mortgage.

CHIP Reverse Mortgages are available in all Canadian provinces including:

Ontario
Quebec
British Columbia
Alberta
Nova Scotia
Saskatchewan
Manitoba
New Brunswick
Newfoundland and Labrador
Prince Edward Island

CHIP Reverse Mortgages are not available in the Territories:

Northwest Territory
Yukon Territory
Nunavut

Why CHIP Reverse Mortgage?

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Why a CHIP Reverse Mortgage?

82% of customers reported improved financial wellbeing after funding their CHIP Reverse Mortgage