
CHIP Open is a reverse mortgage loan, secured against the value of the home. This product is designed for clients searching for a short-term financing solution, without any prepayment penalties for full payments. Unlike a conventional mortgage, CHIP Open does not require regular monthly mortgage payments and offers your clients the ability convert to a CHIP Reverse Mortgage if they require a longer-term lending solution.
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 Open can help your clients:
- Obtain the capital to seize a present opportunity
- Pay off debts
- Assist with their bridge financing needs
- Handle unexpected expenses
FEATURES YOUR CLIENTS WILL LOVE
Keep home ownership
Your clients can stay in their home and community. They maintain complete ownership and control of the home for as long as they choose to stay.*
No regular monthly payments required
Your clients are able to repay 100% of their mortgage at any time without incurring prepayment charges. Partial prepayments are not allowed.
Flexibility
Your clients have the option to convert their CHIP Open loan to a CHIP Reverse Mortgage if they decide a longer-term lending solution is better suited for their circumstances.
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 Open Reverse Mortgage interest rates and terms offered by HomeEquity Bank.
Term | Interest Rate | Closing Fee1 | Annual Percentage Rate (APR)2 |
---|---|---|---|
Variable Open3, 4 | % | % |
1 These costs may vary based on individual circumstances. Closing cost is the .
2 APR is the estimated cost of borrowing for
5 years expressed as an annual percentage. It is based on a mortgage of $ and a closing cost of $. APR will vary based on loan amount and applicable closing costs.
3 Variable refers to the HomeEquity Bank Prime rate plus a fixed spread of %. The fixed spread is guaranteed for years.
4 Open refers to the ability to repay 100% of the CHIP Open Reverse Mortgage Balance at any time without paying a prepayment charge. Partial payments are not allowed.