CHIP Products

CHIP Reverse Mortgage

CHIP Reverse Mortgage allows clients to access up to 55% of the value in their homes in tax-free cash without having to move or sell. Clients can use CHIP Reverse Mortgage to meet a number of their retirement income needs. With it, they can:
  • Boost cashflow
  • Avoid pension clawbacks
  • Pay down debt
  • Handle unexpected expenses
  • Build a reserve fund
CHIP Max

CHIP Max is designed to help wealth advisors 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 down debt
  • Create a financial cushion
  • Handle unexpected expenses
  • Maintain their lifestyle
  • Build investment portfolios
  • Home renovations
CHIP Open

An innovative solution for wealth advisors looking to assist clients looking for short-term financing without prepayment penalties. 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. It can also be used to seize investment opportunities. Clients benefit from:
  • No prepayment penalties
  • Flexible closing dates
  • Access to capital
  • Strategic bridge financing
  • No debt servicing
  • Tax-efficient income
Income Advantage

Income Advantage provides a flexible cashflow solution to help meet your clients’ retirement income needs. Your clients can choose the convenience of monthly or quarterly payments, allowing for greater cashflow planning. Unlike a loan or conventional mortgage, regular monthly mortgage payments are not required. Clients can use Income Advantage to:
  • Boost cashflow
  • Pay down debt
  • Avoid pension clawbacks
  • Handle unexpected expenses
  • Preserve investment portfolios
  • Fund their lifestyle

Case studies

Our short case studies can help you discover how the CHIP Reverse Mortgage can be used as an income solution to help your clients meet their retirement goals.

Debt optimization

Debt optimization

Are your clients’ life goals being derailed by debt? was able to reduce their debt burden, build a cashflow cushion, and keep their investment portfolios intact with the help of the CHIP Reverse Mortgage.

Living Inheritance

Living Inheritance

Learn how clients’ can use their equity to gift money to loved ones.

Down payment gift

Down payment gift

Do your clients have younger family members who are finding it challenging to purchase their first home? Discover how one retired business owner was able to unlock tax-free home equity to help his daughter with the down payment on her home.

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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Rate Sheet

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Fact Sheet

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Brochure

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FAQs

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Objection Handling
Consumer Insights

Objection Handling

The Power of Positioning
Consumer Insights

The Power of Positioning

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Find your BDM

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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Business building resources

Take advantage of these tools and resources to learn more about our solutions and how you can assist your clients.

CHIP Reverse Mortgage Solutions for Health – Aging-in-place support
Consumer Insights

CHIP Reverse Mortgage Solutions for Health – Aging-in-place support

Contact your BDM for a recording of this webinar
CHIP, HELOC, and Downsizing: Diving in with Use Cases and Product Details
Retirement Strategies

CHIP, HELOC, and Downsizing: Diving in with Use Cases and Product Details

Contact your BDM for a recording of this webinar