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.
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.
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: 2.45%
The following is a summary of the current CHIP Max interest rates and terms offered by HomeEquity Bank.
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EASY 3-STEP PROCESS
Frequently Asked Questions
It is required that your clients are over 55, own the home, and use it as the primary residence, CHIP Max requires no health checks.
- This age requirement applies to both spouses.
CHIP Max lets your clients access up to 55% of the home’s appraised value.
CHIP Max is structured to ensure your clients get the money they need in precisely the way they want it. They can access money in a lump-sum or optional subsequent advances.
We guarantee that the amount to be repaid will never exceed the fair market value of your client’s home.* Your client’s other assets are completely protected.
No. Your client retains title and maintains ownership of their home. It’s required for your client to live in the home, pay taxes on time, have property insurance, and maintain the property in good condition.
Yes, many of our clients use a reverse mortgage to pay off their existing mortgage and debts.
* Conditions apply. You must maintain the condition of your property and your taxes and insurances must be up to date. Guarantee, excludes administrative fees and interest accumulated after due date. Always consult your accountant or financial advisor.
STILL HAVE QUESTIONS?
CHIP MAX RESOURCES
Keep your clients up-to-date with these downloadable CHIP Max resources.