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Mortgage Programs

I am a Senior - CHIP Reverse Mortgage

How CHIP Reverse Mortgages Work in Canada


If you're like many other 55+ Canadians, much of what you own fits into two categories—the equity in your home and the money you've 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 grown in value is a good thing, you typically can’t spend that value unless you sell it. And that’s something many homeowners simply do not want to do. That’s where CHIP comes in. A CHIP Reverse Mortgage lets you access that value by turning some of your equity into cash. Unlike many mortgage-based financial products, you do not have to make any payments until you choose to move or sell. What makes this program work is that participants can only take up to 55% of the value of their homes, which ensures you have access to the cash you want and also the security you need.

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 payments). And we guarantee that the amount that you or your estate eventually has to repay will never exceed the fair market value of your home at the time it is sold.  There’s no reason your home should ever be a burden to you or your family.  

Your Money, Your Way

The CHIP Reverse Mortgage is structured to ensure you get the money you need in precisely the way you want it. Whether you wish to receive your money in installments over time or in one lump sum, the choice is yours. Likewise, if at any time you would like to repay the principal and interest in full or switch to paying interest on an annual or monthly basis, you can do that too.* *Prepayment charges may apply

You Have Earned Your Home Equity

We believe you have the right to access the equity in your own home, regardless of your current income, health, or credit score. To benefit from a Reverse Mortgage, there’s no need to provide information about your credit, income, or medical history.

By Canadians, For Canadians

A CHIP Reverse Mortgage is a Canadian financial solution that benefits Canadian homeowners. The CHIP Home Income Plan, now called a CHIP Reverse Mortgage, has been available to Canadian homeowners since 1986 and is provided by HomEquity Bank, a Schedule 1 Canadian Bank.

Mortgage Options

Contact your local Mortgage Managers broker to find out if a CHIP Reverse Mortgage is the best fit for your situation.