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Unlocking Opportunities

The Guide to the CHIP Reverese Mortgage
WEALTH PARTNER GUIDE
What is the CHIP Reverse Mortgage?
The CHIP Reverse Mortgage is a loan for Canadian homeowners aged 55+ that lets you access up to 55% of your home’s value—tax-free and with no monthly payments. You stay in your home and keep ownership. The loan is repaid only when you move out or sell the home. Just keep your property in good shape, and stay current with taxes and insurance. Use the money for anything—travel, debt, helping family—without affecting your government benefits.
CHIP Reverse Mortgage Features and Benefits
For Canadians 55+, the CHIP Reverse Mortgage is a smart way to access tax-free cash without selling your home or making monthly payments. You keep full ownership, can borrow up to 55% of your home’s value, and use the funds however you choose. There’s no need to requalify once approved, and you still benefit if your home’s value increases. It’s a simple, flexible solution to help you enjoy retirement on your terms.
HELOC (Home Equity Line of Credit)
A HELOC allows you to borrow up to 80% of your home’s value, but it does require income verification and credit approval. Monthly payments are mandatory, and you’re responsible for maintaining the home and servicing the debt. This option suits those with stable income who want flexible access to funds while remaining in their home.
Downsizing
Downsizing means selling your current home to unlock equity and move to a smaller or more suitable property. While it can free up cash, it comes with moving costs, real estate fees, and lifestyle adjustments. It’s a good option for those ready for change, who want to simplify and access equity without borrowing.

Why Choose the CHIP Reverse Mortgage?

Here are the top 5 reasons why thousands of Canadians 55+ trust the CHIP Reverse Mortgage to support their retirement goals:

1.  No Monthly Mortgage Payments

With the CHIP Reverse Mortgage, you don’t have to worry about monthly payments. The loan is repaid only when you sell your home, move out, or pass away. This provides peace of mind and improves your monthly cashflow—without the stress of regular debt obligations.

2. Stay in the Home You Love

You remain the full legal owner of your home and can continue living there for as long as you wish. The bank does not take over ownership—your name stays on the title, and you maintain full control of your property.

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1.  No Monthly Mortgage Payments

With the CHIP Reverse Mortgage, you don’t have to worry about monthly payments. The loan is repaid only when you sell your home, move out, or pass away. This provides peace of mind and improves your monthly cashflow—without the stress of regular debt obligations.

2. Stay in the Home You Love

You remain the full legal owner of your home and can continue living there for as long as you wish. The bank does not take over ownership—your name stays on the title, and you maintain full control of your property.

3. Access Up to 55% of Your Home’s Value—Tax-Free

Depending on your age and the appraised value of your home, you can access up to 55% of its equity as tax-free cash. There are no restrictions on how you use the money—pay off debt, help your children, travel, or just enjoy retirement on your terms.

4. No Income or Credit Requirements

Unlike traditional loans, you don’t need to prove income or have a high credit score to qualify. Approval is based primarily on your age, your spouse’s age, and the value and location of your home. This makes it an ideal solution for retirees living on fixed incomes.

5. No Negative Equity Guarantee

With HomeEquity Bank’s No Negative Equity Guarantee, your estate will never owe more than the fair market value of your home when it is sold, as long as the loan conditions are met. This ensures peace of mind for both you and your family.

Flexible Payment Options

With the CHIP Reverse Mortgage, you’re not required to make regular payments—but you can. You have the option to make interest payments or lump sum repayments at any time, giving you full control over how and when you manage the loan.

Use the Funds Your Way

The money you receive is tax-free and yours to use however you choose. Common uses include:

  • Paying off high-interest debt

  • Covering daily living expenses

  • Helping children or grandchildren

  • Renovating or maintaining your home

  • Taking that dream vacation

  • Boosting your monthly retirement income