CHIP Reverse Mortgage

You are not required to make any payments on a CHIP Plan until you choose to move or sell your home. You are, however, required to ensure that your property taxes and homeowners’ insurance are kept up to date. When you do decide to move or sell, the loan is repaid from the proceeds of the sale of the home. After the loan is repaid, all remaining money belongs to you and your estate.

You will always maintain complete ownership of your home¹! With the CHIP reverse mortgage, you maintain complete ownership of your home¹, and we will never force you to move from your home.

For reverse mortgage counseling, please give us a call at 1-866-758-2447 and we can walk you through any of your questions or concerns. Our reverse mortgage professionals are available weekdays from 8:30 AM to 5:00 PM (EST) to answer any questions you may have.

For detailed information about CHIP Reverse Mortgages, download our FREE information guide.

CHIP Reverse Mortgage interest rates are available in both fixed and variable terms. The variable rate will fluctuate as it is directly influenced by the Bank of Canada’s prime rate. If the Bank of Canada’s prime rate increases, for example, your Reverse Mortgage interest rate will also increase. Our fixed rates are set for a pre-determined timeframe and are available for a six-month, 1-year, 3-year or 5-year period.

The closing fee charged by HomeEquity Bank for most clients is $1,795, although individual circumstances do vary. The closing fee is deducted from the proceeds of the mortgage, instead of being paid out of pocket. The closing fee covers legal, administrative costs, discharging any prior mortgage and registration of the CHIP Reverse Mortgage.  Learn More about CHIP’s fixed and variable Reverse Mortgage Interest Rates.

Yes, The CHIP Reverse Mortgage is designed specifically to assist Canadian homeowners 55+ and improve their financial situation. While your credit score is a consideration, we take a holistic view of your financial history. The loan amount you’re approved for is also based on factors like your age, the appraised value of your home, its location, and your personal debts.

No, a reverse mortgage is considered tax-free income, thus Medicare or pension benefits will not be affected.

For more information, and to see what your Reverse Mortgage can be worth, try our Reverse Mortgage Calculator.

For more questions, please see our complete list of Frequently Asked Questions or call 1-866-758-2447 to get your questions answered by a reverse mortgage professional.