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 Questions1. 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
- CHIP Max lets you to access up to 55% of your home’s appraised value.
- 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.
- HomeEquity Bank guarantees that the amount to be repaid will never exceed the fair market value of your home*.
- 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.
- 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.
- Yes. Many of our clients use a reverse mortgage to pay off their existing mortgage and debts.
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.