CHIP Products

CHIP Reverse Mortgage

CHIP Reverse Mortgage gives mortgage brokers a unique opportunity to diversify their offerings and cater to a broader clientele. With this innovative solution, you can attract clients who are interested in unlocking the equity in their homes without having to move or sell but who are not currently being served by traditional mortgage options. Your clients can use CHIP Reverse Mortgage to:
  • Boost cashflow
  • Take a vacation
  • Maintain their lifestyle
  • Pay down debt
  • Handle unexpected expenses
  • Build a financial cushion
CHIP Max

CHIP Max is a product designed to help you target younger clients who are interested in accessing a larger amount of their home equity. Clients are not required to make regular mortgage payments as long as they remain in their home. They can use CHIP Max to:
  • Pay off debts
  • Create a financial cushion
  • Handle unexpected expenses
  • Maintain their lifestyle
  • Build investment portfolios
  • Boost cashflow
CHIP Open

An innovative way to diversify your lending portfolio and attract more clients. CHIP Open is a short-term financing solution that has no prepayment penalties for full repayment. It can be used strategically for bridge financing, allowing clients who have found a new home the luxury of time before selling their existing home – to make the move more comfortable or to attract higher offers. Some of the benefits of CHIP Open include:
  • No prepayment penalties
  • Flexible closing dates
  • Tax-free proceeds
  • Strategic bridge financing
  • No mortgage payments
  • Many different uses
Income Advantage

Income Advantage provides mortgage brokers with another solution to help meet clients’ income needs. Income Advantage is a reverse mortgage loan secured against the value of a client’s home. Clients enjoy the convenience of monthly or quarterly payments, allowing for greater flexibility and cashflow planning. Unlike a loan or conventional mortgage, regular monthly mortgage payments are not required. Your clients can use Income Advantage to:
  • Boost their cashflow
  • Pay down debt
  • Maintain their lifestyle
  • Handle unexpected expenses
  • Build a financial cushion
  • Take a vacation

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-year % %
5-year % %

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.

HomeEquity Bank Prime Rate: %

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

Term Interest Rate Closing And Administrative Costs1 Annual Percentage Rate (APR)2
Variable3 % $ %
6 Month % %
1 Year % %
3 Years % %
5 Years % %

CHIP Max is only available in certain locations and is subject to meeting HomeEquity Bank’s credit granting criteria.

1These fees and interest rates may vary based on individual circumstances, including any additional rate premiums added on your file.

2APR 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.

3Variable refers to the HomeEquity Bank Prime Rate plus a fixed spread of %. The fixed spread is guaranteed for years.

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.

HomeEquity Bank Prime Rate: %

The following is a summary of the current Income Advantage interest rates and terms offered by HomeEquity Bank.

IMPORTANT: The Planned Advance Account must always have a variable interest rate term. The applicable interest rates can be found in the table below.

Planned Advance
Account Term
Planned Advance Interest Rate Lump-Sum
Account Term
Special Rate1 Closing Fee2 Annual Percentage Rate(APR)3
Variable5 % Variable4 % $ %
1-year % %
3-year% %
5-year % %
Planned Advance Account Term Planned Advance Interest Rate Lump-Sum
Account Term
Posted Rate Closing Fee2 Annual Percentage Rate(APR)3
Variable5 %
Variable5 % $ %
1-year % %
3-year % %
5-year % %

1 These 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.

3 APR is for years based on $ per month in planned advances and a $ initial advance. It is not for the full period of the mortgage and includes the applicable closing costs.

4 Variable (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.

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Is CHIP right for your clients? Our Business Development Managers (BDMs) are here to answer your questions. Contact a HomeEquity Bank Business Development Manager today!

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