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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
Reverse mortgage calculator
Available in 10 provinces
Not available in Northwest Territory, Yukon Territory, Nunavut
HomeEquity Bank has the following online reviews available:
|Consumer Review Platform
|Better Business Bureau
|A+ Rating; 3.9/5 Stars with 11 Reviews
|4.3/5 Stars with 218 Reviews
|4.8/5 Stars with 1,269 Reviews
The CHIP Reverse Mortgage is a reverse mortgage product for Canadians sold by HomeEquity Bank in 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 and who need extra cash, but 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 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 the Ontario Teachers’ Pension Plan Board in July 2022.
HomeEquity Bank serves the following 10 provinces:
We independently identify reverse mortgage companies in Canada. The Canadian Reverse Mortgage companies are evaluated based on five factors that we believe are important for consumers: years in business, number of products offered, customer service availability, province licensing footprint, and Better Business Bureau (BBB) Ratings. Please find a full description of our rating system here.
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.
Reviews last updated: 2/2/24. (Reviews are typically updated monthly.)
Rating last updated: 2/2/24. (Ratings are typically updated once per quarter.)
We approached them for a reverse mortgage option.
The ” offer” they presented was rubbish.
High interest, with a hold back 6 years of property Taxes,
Paid for an appraisal which they refuse to release back to us,
The appraiser was exceptionally rude on a follow up call.
So in the short, offer of 141.000 reverse with a 33,000 tax hold back
their legal fees and registration, then offering 101,000, not a lump sum payment
paid out over two years and interest accumulating upon an agreement.
Go to the local little Italy section in your town, find Guido and get a better deal.
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