Reverse mortgages have experienced huge growth over the last few years. This is partly due to the startling reality that almost a third of Canadians…
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What is a reverse mortgage?
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Getting a reverse mortgage is like staying in a nice hotel
To help explain this financial solution better, you can think about getting a reverse mortgage like staying in a nice hotel or resort. When you check…
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Why is it called a reverse mortgage?
With a conventional mortgage, borrowers take out a loan to buy their home and pay back the lender over a period of time. With a…
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Cashing in equity without having to move out
With 93% of Canadians determined to retire at home, while dealing with rising debt and an increased cost of living, a reverse mortgage is one…
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What happens to the equity in your home?
By taking out a reverse mortgage, you get to have access to some of the equity in your home now, when you need it, without…
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How much could I take out with a reverse mortgage?
Use our reverse mortgage calculator to work out how much of a reverse mortgage you could qualify for, or call a HomeEquity Bank reverse mortgage…
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Will I still be able to leave an inheritance?
By tapping into some of your home’s equity now, the amount that you may have planned to leave for your children will be reduced, but…
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Types of Reverse Mortgage Rates
CHIP Reverse Mortgage rates are available in two different formats: fixed terms or variable terms. Variable term rates are determined by the HomeEquity Bank prime…
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The benefits of the CHIP Reverse Mortgage
The freedom to retire in the home you love Why choose CHIP? Get up to 55% of the value of your home Stay in your home Maintain full ownership…
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Frequently Asked Questions
What if I have an existing mortgage? You can use the CHIP Reverse Mortgage to pay off your existing mortgage and free up cash flow for…