About CHIP Reverse Mortgage

CHIP Reverse Mortgage Synopsis 

Review Summary: CHIP Reverse Mortgage is a reverse mortgage product sold by HomeEquity Bank in Canada. This option allows homeowners 55 years of age or older to take their equity in one lump sum or a partial lump sum with access to additional installments. 

Recommended for: The CHIP Reverse Mortgage is ideal for anyone who needs a large infusion of cash.  

Pros and Cons of HomeEquity Bank

CHIP Reverse Mortgage by HomeEquity Bank Reviews

HomeEquity Bank has the following online reviews available:

CHIP Reverse Mortgage Full Review 

Overview 

The CHIP Reverse Mortgage is a reverse mortgage product for Canadians sold by HomeEquity Bank based out of Toronto, Ontario. It was previously called The Canadian Home Income Plan.  

The CHIP Reverse Mortgage is for homeowners who are 55 years of age or older who need extra cash, but they want to stay in their home. A CHIP Reverse Mortgage is one way to do that.  

In order to qualify, the property must also be the homeowner’s primary residence and must have a minimum value of $250,000. A CHIP allows homeowners to access 55% of their home’s value.  

With a this reverse mortgage product, homeowners receive part of their equity as one lump sum at the beginning. From there, they may take out additional advances at any time. 

This is a good option for those who need a large infusion of cash for any variety of reasons from paying off a large debt to doing renovations on a home. 

HomeEquity Bank also sells the Income Advantage product that is for homeowners over 55 who are looking to increase their monthly cashflow.

CHIP Reverse Mortgage Loan Application Process 

Here is the application process you can expect: 

• 1. Get a free estimate. A free estimate can be obtained online through the CHIP Reverse Mortgage website.  
• 2. Initial phone meeting. In this step, you will speak with a reverse mortgage specialist who will help you understand how much equity you will qualify for.  
• 3. Home appraisal. The home appraisal will determine the actual amount of equity you have in your home.  
• 4. Qualification amount. Once the qualifying amount is determined, you can select how you want to receive the money.  
• 5. Legal process. You will need to obtain independent legal advice, which is for your protection.  

HomeEquity Bank Information 

HomeEquity Bank was founded in 1986 and is based in Toronto, Ontario. HomeEquity is a Schedule 1 Canadian Bank.  

It is the only bank in Canada that provides reverse mortgages to Canadians. It is also the primary underwriter of reverse mortgages in Canada. 

HomeEquity Bank is a member of the Canadian Bankers Association. It is recommended by the Canadian Association for Retired Persons (CARP), which is an advocacy group for those in retirement. And it’s endorsed by The Royal Canadian Legion.  

HomeEquity Bank was acquired by Ontario Teachers’ Pension Plan Board in July 2022.  

Provinces Serviced by HomeEquity Bank

HomeEquity Bank serves the following 10 provinces: 

• Alberta 
• British Columbia 
• Manitoba 
• New Brunswick 
• Newfoundland and Labrador 
• Nova Scotia 
• Ontario 
• Prince Edward Island 
• Quebec 
• Saskatchewan 

Office Locations 

• Toronto, Ontario 
• Vancouver, British Columbia 
• Montreal, Quebec 

This information is intended to be general and educational in nature and should not be construed as financial advice. Consult your financial advisor before implementing financial strategies for your retirement. 

Last updated: 9/1/23