Changing the financial equation
There’s no retirement like home. If you’re like most Canadian homeowners 55 or over, much of what you own fits into one of two categories – the equity in your home and the money you have saved. Chances are, the value of your home has grown over the years and makes up a good portion of your net worth. While having a home that has built value is positive, you typically can’t spend that value unless you sell your home. The CHIP Reverse Mortgage from HomeEquity Bank lets you stay in your home and access up to 55%* of its value.
That’s Where the CHIP Reverse Mortgage Comes In.
The CHIP Reverse Mortgage from HomeEquity Bank allows you to turn some of your home equity into tax-free cash. You can get up to 55%* of its value. It also ensures you have access to that cash whenever you want it. You’ll maintain ownership and control of your home without the obligation to make regular mortgage payments until you move or sell.
You're in control with a reverse mortgage
You worked hard to become a homeowner, and it’s important to us that we keep it that way. With a CHIP Reverse Mortgage®, you always maintain control of your home*. In other words, you will never be forced to sell or move as a result of changing home values or earning power (remember, there are no monthly mortgage payments). And we guarantee the amount that you or your estate eventually has to repay will never exceed the fair market value of your home at the time t is sold*. There’s no reason your home should ever be a burden to you or your family.
Canadian homeowners should be rewarded. After all, you worked hard to become one. We guarantee the amount that you eventually repay will never exceed the fair market value at the time it is sold*. And if your home goes up in value, the appreciation is all yours. Simply maintain your property and pay the taxes and insurance. When you retire, you shouldn’t have to give up the home you love.
Your money, your way
The CHIP Reverse Mortgage is structured around you. As a Canadian homeowner, you deserve complete control. Receive your tax-free money over a longer period of time or all together. It’s up to you. If at any time you want to repay the principal and interest in full or switch to paying interest on an annual or monthly basis, you can do that too. That’s the kind of freedom you get with the CHIP Reverse Mortgage. The freedom to retire on your own terms.
You've earned your home equity
You have the right to access the equity in your own home, regardless of your current age or health. When you plan your retirement with CHIP, you have to 55 or older but there are no health checks required. What matters to us is a safe and secure retirement for you.