
CHIP Max is a reverse mortgage loan secured against the value of the home. This product is designed to give your younger clients access to a greater amount of their home equity. Unlike a loan or a regular mortgage, with a CHIP Max reverse mortgage, your clients are not required to make regular mortgage payments. The loan is repaid only when the homeowners no longer live in the home.
The homeowner is required to keep the property in good condition, up-to-date with property taxes and property insurance. The money received is tax-free and can be used however the homeowner wishes.
CHIP Max can help your clients:
- Pay off debts
- Have cash for unforeseen expenses
- Maintain their lifestyle in retirement
- Provide more value in the long run
FEATURES YOUR CLIENTS WILL LOVE
Keep home ownership
Your clients can now stay in their home and community. Homeowners maintain complete ownership and control of the home for as long as they choose to stay.*
No regular monthly payments
With CHIP Max, there are no regular mortgage payments until the homeowner decides to move or sell.
Flexibility
Up to 55% of the equity in the home is available and can be used however the homeowner wishes, to enjoy retirement. The money accessed through CHIP Max is tax-free and will not affect CPP or OAS.
Take control
Your clients can get their finances under control and gain the freedom to set their own plans and priorities.
*Subject to homeowners meeting their mortgage obligations

HomeEquity Bank Prime Rate: %
The following is a summary of the current CHIP Max interest rates and terms offered by HomeEquity Bank.
term | interest rate | closing and administrative costs1 | Annual Percentage Rate (APR)2 |
---|---|---|---|
Variable3 | % | $ | % |
6 Month | % | % | |
1 Year | % | % | |
3 Years | % | % | |
5 Years | % | % |
CHIP Max is only available in certain locations and is subject to meeting HomeEquity Bank’s credit granting criteria.
1These fees and interest rates may vary based on individual circumstances, including any additional rate premiums added on your file.
2APR is the estimated cost of borrowing for years expressed as an annual percentage. It is based on a mortgage of $ and includes the applicable closing costs.
3Variable refers to the HomeEquity Bank Prime Rate plus a fixed spread of %. The fixed spread is guaranteed for years.