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CHIP_logo
  • Partner Solutions
    • Mortgage BrokersStreamlined equity release for client’s mortgages
    • Wealth AdvisorsStrategic equity growth for your clients
    • Bank ProfessionalsSecure, enhanced equity management
  • Calculator
  • Rates
  • Resources
    • Get Started
    • All Documents
    • Partner Launchpad
    • Insights
    • Webinars
    • Media
  • Refer a Client
  • Français

In the event of a Canada Post service disruption, mail you or your clients normally receive from HomeEquity Bank may be delayed.

CHIP Reverse Mortgage calculator

Discover how much home equity your client can access. Use our interactive calculator to customize a CHIP Reverse Mortgage solution that aligns with your client’s retirement financial goals.

A reverse mortgage specialist helping a retired couple calculate their home equity using the financial calculator.
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is the amount your client may be eligible for in tax-free cash.

Your client may be eligible for up to $111,500 in tax-free cash.

Products

CHIP Reverse Mortgage

Chip reverse mortgage

CHIP Max

Chip max

CHIP Open

Chip Open

Income Advantage

Income advantage
Details Unlock home equity Access to home equity for homeowners aged 55-75 Access a short-term financing solution Receive regular interval payments
Estimated Loan Amount*
Download quote
Create a financial illustration

*Any future advances will be issued at the same interest rate term selected for the initial funding, but at the posted rate in effect at the time of the advance.

Please fill in all fields for your financial summary (All the fields in step 3 are editable)
See financial summary

After 5 years your client could have $469,738 remaining in home equity.
$2222
 Home Equity
Interest
Reverse Mortgage
income advantage logo Today In 5 Years
Home Value $1,000,000 $1,480,244
Reverse Mortgage $500,000 $500,000
Interest $0 $403,054
Remaining Home Equity $500,000 $577,191
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(Move slider left and right to review table variances.)

After 5 years your client could have $469,738 remaining in home equity.
?

No Negative Equity Guarantee

Due to our No Negative Equity Guarantee, as long as the client meets their mortgage obligations, HomeEquity Bank guarantees [1] that the amount they will have to pay on their due date will not exceed the fair market value of their home. If their home depreciates in value, or the mortgage amount due is more than the gross proceeds from the sale of the property, HomeEquity Bank covers the difference between the sale price and the loan amount.

[1] Must maintain property, pay property taxes and homeowners’ insurance, and abide by your mortgage obligations. The guarantee excludes administrative expenses and interest that has accumulated after the due date.

$2222
Home Equity
Interest
Reverse Mortgage
Customize your financial report
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Interested in more resources?

Learn More
Unlocking Real Estate Potential with the CHIP Reverse Mortgage

Retirement Strategies

Unlocking Real Estate Potential with the CHIP Reverse Mortgage

Read More 3 min read
Using the CHIP Reverse Mortgage for Strategic Tax Savings

Retirement Strategies

Using the CHIP Reverse Mortgage for Strategic Tax Savings

Read More 3 min read
logo
March 31, 2019
Results:
Estimated Reverse Mortgage Amount:
$XX,XXX
Product:
Income Advantage
Term:
5 Years
Interest Rate:
5 Years
Homeowner 1 Details:
Homeowner 2 Details:
Age:
55
Age:
58
Gender:
M
Gender:
F
Postal Code:
A1A1A1
City:
Toronto
Property Type:
Condo-apartment
Home Value:
$500,000.00
Your client may be eligible for a $XXX tesxtPlease contact your Business Development Manager for more information. To locate your Business Development Manager, please go to: www.chipadvisor.ca/bdm.
Current Rates:
Products
Chip reverse mortgage
Chip Max
Chip open
Income advantage
Details
Unlock home equity
Access to home equity for homeowners aged 55-75
Access a short-term financing solution
Receive regular interval payments
Estimated Loan Amount*
Mortgage Quote
N/A
N/A
Mortgage Quote
For more information and the latest rates visit our site at https://www.chipadvisor.ca/
* Calculation results and chart are approximations based on the data you have entered and are for illustration purposes. HomeEquity Bank does not make any representations or warranties with respect to the calculation results. External factors are not accounted for in the calculations and are based on certain assumptions. The rate entered is a sample rate and is not considered a rate guarantee. HomeEquity Bank may change or update calculations without notification. This information is not intended as specific financial, legal, or tax advice for any individual and should not be relied on as such. Should the homeowner decide to proceed, an independent appraisal of the home, among other things, will be required in order to establish a precise evaluation.
logo

Reverse Mortgage Financial Illustration

March 31, 2019
Created For: Jonathan MacDonell
Created By: Aanenson #647-123-1234
A reverse mortgage is a loan that allows you to access the equity in your home without requiring you to sell or make any regular mortgage payments. Home equity is the difference between the market value of your home and any remaining loans that are owed on the property.
house
Gertrude Based on your inputs, here is a personalized summary of what your reverse mortgage and home equity could look like over time.
Homeowner 1 Details:
Homeowner 2 Details:
Age:
55
Age:
58
Gender:
M
Gender:
F
Postal Code:
A1A1A1
City:
Toronto
Property Type:
Condo-apartment
icon of a house
Approximate Home Value:
$500,000
icon of reverse mortgage
Estimated Reverse Mortgage Amount:
$100,000
icon of a calendar
Years Remaining in Home:
10 years
icon of percentage
Interest Rate Term:
5 years
icon of a house and a bill
Annual Home Appreciation Rate:
6%
icon of selected product
Selected Product:
CHIP Reverse Mortgage
Current Rates:
Products
Chip reverse mortgage
Chip Max
Chip open
Income advantage
Details
Unlock home equity
Access larger amounts of home equity
Access a short-term financing solution
Receive regular interval payments
Estimated Loan Amount*
Mortgage Quote
N/A
N/A
Mortgage Quote
Today
In 5 Years
Home Value
$1,000,000
$1,480,244
Reverse Mortgage
$500,000
$500,000
Interest
$0
$403,054
Remaining Home Equity
$500,000
$577,191
After 10 years you could have $272,009 remaining in home equity.†
graph
Home Equity
Interest
Reverse Mortgage
Year
Reverse Mortgage
Interest Rate
Monthly
Accrued Annual Interest
Estimated End of Year Mortgage Balance
Estimated Future Home Equity
Estimated Remaining
Home Equity
0
$500,000
6%
$ -
$500,000
$1,000,000
$500,000
1
$500,000
6%
$30,450
$530,450
$1,040,000
$509,550
† The remaining home equity is $0 because the client cannot have less than $0 equity, even though the reverse mortgage balance is greater than the home value.
1 Planned advances are subject to the current variable interest rate, the initial advance amount is subject to the interest rate selected.
2 Special interest rates are subject to the selected term and will reset to the posted interest rate upon expiration of special interest rate term.
house
Based on our calculations, after X years  you could have $XXX remaining in home equity.
check mark
Benefits of Income Advantage
bullet point
Access up to 55% of the value of your home in tax-free cash without having to sell
bullet point
Funds received are tax-free and can be used for whatever you choose
bullet point
No monthly mortgage payments required
bullet point
Convenience of regularly scheduled advances
bullet point
Provides you with additional income
bullet point
Preserves investment portfolio
bullet point
No monthly mortgage payments required
bullet point
Get access to cash for large unforeseen expenses
bullet point
Funds received are tax-free and can be used for whatever you choose
bullet point
Avoid high-interest loans or an additional mortgage
bullet point
No monthly mortgage payments required
bullet point
Access your home equity for short-term needs
bullet point
Repay 100% of balance at any time with no prepayment charges
bullet point
Flexibility to convert to a longer-term reverse mortgage solution at anytime
bullet point
No monthly mortgage payments required
Ready to take the next step?
If you would like to learn more about Income Advantage and how it can be an active tool in your financial plan, contact me, Jenniffer Aanenson, at JAanenson@gmail.com or reach me at 647-123-1234.
* Calculation results and chart are approximations based on the data you have entered and are for illustration purposes. HomeEquity Bank does not make any representations or warranties with respect to the calculation results. External factors are not accounted for in the calculations and are based on certain assumptions. The rate entered is a sample rate and is not considered a rate guarantee. HomeEquity Bank may change or update calculations without notification. This information is not intended as specific financial, legal, or tax advice for any individual and should not be relied on as such. Should the homeowner decide to proceed, an independent appraisal of the home, among other things, will be required in order to establish a precise evaluation.
† Due to our No Negative Equity Guarantee, as long as the client meets their mortgage obligations, HomeEquity Bank guarantees[1] that the amount they will have to pay on their due date will not exceed the fair market value of their home. If their home depreciates in value, or the mortgage amount due is more than the gross proceeds from the sale of the property, HomeEquity Bank covers the difference between the sale price and the loan amount.
[1] Must maintain property, pay property taxes and homeowners’ insurance, and abide by your mortgage obligations. The guarantee excludes administrative expenses and interest that has accumulated after the due date.
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