marketingrequests@heb.ca
Reverse Mortgage Calculator
Find out the Reverse Mortgage loan amount your client may qualify for by entering their details into the calculator below and configure a financial illustration.
Estimated Reverse Mortgage Amount and Product Options
The estimated loan amount your client may be eligible for is shown by product
below.
Click on a value in the table below to select the product, term, and
interest
rate to generate a Financial Illustration.
Your client may be eligible for up to
$111,500
in tax-free cash.
|
CHIP Reverse Mortgage 
|
Income Advantage 
?
Planned advances for Income Advantage will be at a variable rate |
CHIP Max 
?
CHIP Max is only available if the property value of the home is $300,000 or above and is in select locations within ON, AB, BC or QC. |
CHIP Open 
?
CHIP Open is only available if the property value of the home is $300,000 or above. |
|
|---|---|---|---|---|
| Estimated Loan Amount* |
Financial Illustration
Find out what your client’s home equity could look like over time in a few easy steps!
iTip: You can update the fields to easily generate alternate Financial Illustrations.
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.
| Home Equity |
| Interest |
| Reverse Mortgage |
|
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 |
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.
| Home Equity |
| Interest |
| Reverse Mortgage |
