CHIP Max

CHIP Max is a Reverse Mortgage loan secured against the value of your home. This product is designed to give our younger clients access to a higher percentage of their home equity. Unlike a conventional mortgage, CHIP Max does not require monthly mortgage payments. The loan only needs to be repaid when the homeowner no longer lives in the home. As the homeowner, you are required to keep the property in good condition, stay up-to-date with property taxes and insurance. The money received is tax-free and can be used however you wish!

CHIP Max can help you:

• Get access to cash for large unforeseen expenses
• Help your kids buy their first home
• Pay off debts

Frequently Asked Questions

1. Who can qualify?

• You and your spouse must be 55+
• Your home value needs to be at least $300,000
• Your home must be your primary residence
• Canadian homeowners in select locations

2. How much of the home’s equity can be accessed through CHIPMax?

• CHIP Max lets you to access up to 55% of your home’s appraised value.

3. How can I receive the money?

• With CHIP Max you get the money you need in the way you want it. Access money in a lump-sum or optional subsequent advances.

4. What happens if my home’s value depreciates to be less than my CHIP Max mortgage amount?

• HomeEquity Bank guarantees that the amount to be repaid will never exceed the fair market value of your home*.

5. Is CHIP Max right for me if I am over 75?

• Please contact our Reverse Mortgage Specialists at 1-866-522-2447 to see if CHIPMax is the right product for you, and to learn more about all of your options.

6. Will the bank own my home?

• No, with CHIP Max you retain title and maintain ownership of your home. As the homeowner you are responsible to live in the home, pay taxes on time, pay property insurance, and maintain the property in good condition.

7. Can I get CHIP Max if I have an existing mortgage?

• Yes. Many of our clients use a reverse mortgage to pay off their existing mortgage and debts.

Want to Learn More?

Contact a Reverse Mortgage Specialist at 1-866-522-2447 or get our free information guide

*Conditions apply. You must maintain the condition of your property and your taxes and insurances must be up to date. Guarantee excludes administrative fees and interest accumulated after due date.