CHIP Reverse Mortgage

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CHIP Reverse Mortgage is a loan secured against the value of the home. Unlike a loan or a regular mortgage, with CHIP Reverse Mortgage you 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.

The CHIP Reverse Mortgage can help your clients:

Pay off debts

Handle unexpected expenses

Help children or grandchildren

Improve day-to-day standard of living

Make a special trip or purchase


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 a CHIP Reverse Mortgage, there are no regular mortgage payments until the homeowner decides to move or sell.

Relieve financial stress

Up to 55% of the equity in the home is available and can be used however the homeowner wishes to enjoy retirement.

Take control

Your clients can get their finances under control and gain the freedom to set their own plans and priorities.

Enjoy retirement

The money accessed through CHIP is tax-free and will not affect CPP or OAS.

HomeEquity Bank Prime Rate: %

The following is a summary of the current CHIP Reverse Mortgage interest rates and terms offered by HomeEquity Bank.

term SPECIAL RATE1 closing fee2 Annual Percentage Rate (APR)3
Variable4 % $ %
1 Year % %
3 Years % %
5 Years % %
term posted rate closing fee2 Annual Percentage Rate (APR)3
Variable5 % $ %
6 Month % %
1 Year % %
3 Years % %
5 Years % %

1These rates are only available for new reverse mortgage originations in certain locations and are subject to meeting HomeEquity Bank’s credit granting criteria. Offer may be changed, extended or withdrawn at any time without notice. Rates are adjustments off of posted rates.
2These fees may vary based on individual circumstances.
3APR 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.
4Variable (Special) refers to the HomeEquity Bank Prime Rate plus a fixed spread of %. The fixed spread is guaranteed for years.
5Variable (Posted) refers to the HomeEquity Bank Prime Rate plus a fixed spread of %. The fixed spread is guaranteed for years.



Find out how much your client can get using the online calculator.


Contact your Business Development Manager who will answer any questions you or your client may have and walk you through the straightforward application process.


Your client receives their tax-free money!

CHIP requires no health checks. It is required that your clients are over 551, own the home, and use it as the primary residence.

1 This age requirement also applies to your spouse.

CHIP lets your clients access up to 55% of the home’s appraised value.

The CHIP Reverse Mortgage is structured to ensure your clients get the money they need in precisely the way they want it. They can access their money in monthly installments or initial and periodic advances — or choose a combination of these options.

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.

Many of our clients use a reverse mortgage to pay off their existing mortgage and debts.

* Always consult your accountant or financial advisor.



Keep your clients up-to-date with these downloadable CHIP Reverse Mortgage resources.