The CHIP Reverse Mortgage for Canadians 55 and over

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Learn About Reverse Mortgages

The CHIP Reverse Mortgage from HomEquity Bank helps Canadian homeowners achieve their financial goals.
  • Homeowners 55+
  • Access 55% Home Value
  • Tax-Free Cash
  • No Monthly Payments
  • Pay off existing debt
  • Renovate your home
  • Cover monthly expenses
  • Travel more

How A Reverse Mortgage Works

How much do I qualify for?

Reverse Mortgage Interest Rate

The Truth About Reverse Mortgages

Although the CHIP Reverse Mortgage has been available to Canadians for over 30 years, there are still some misconceptions. Watch and learn more about a reverse mortgage.
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What is a Reverse Mortgage Home Equity Loan?

If you are a homeowner in Canada and are 55 or older, you may qualify for a reverse mortgage. For many people, one of the most attractive benefits of a reverse mortgage is that you don’t have to make regular payments. You don’t need to pay off the loan until you sell or move out.
With a reverse mortgage, the bank makes monthly payments or a lump-sum payment to you. The amount you qualify for depends on the value and equity of your home, your age, amount of secured debt and property type/location. Reverse mortgages are designed to increase your income so that you can have a much more comfortable retirement.
For the CHIP Reverse Mortgage®, as long as the property is well maintained, and property taxes and home insurance are paid, HomeEquity Bank, the provider of CHIP, guarantees that the borrower will never owe more than the home is worth.

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