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.
|Free information kit||Not available in Northwest Territory, Yukon Territory, Nunavut|
|Reverse mortgage calculator|
|Available in 10 provinces|
HomeEquity Bank has the following online reviews available:
|Consumer Review Platform||Rating|
|Better Business Bureau||A+ rating with 4.1 / 5 with 10 reviews|
|4.1 / 5 Stars with 142 reviews|
|Trustpilot||4.8 / 5 stars with 955 reviews|
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.
Here is the application process you can expect:
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.
HomeEquity Bank serves the following provinces:
All reviews updated as of 3/1/23.
Address: 1881 Yonge Street, Suite 300 Toronto, ON M4S 3C4
I have a hip reverse mortgage on my home for two years now at number 46 Stuart dr in Mackenzie bc. I would like too know if there is any more available funds available for me. Thank you. D MAckill