CHIP Reverse Mortgage by HomeEquity Bank
Canada's #1 Reverse Mortgage — Trusted by 50,000+ Canadians
The CHIP Reverse Mortgage by HomeEquity Bank is Canada's original reverse mortgage — a long-term financing solution that may allow qualifying homeowners to access up to 55% of their home's appraised value, depending on their borrower profile, with no required monthly payments.
Key Benefits
- ✓Canada's most established reverse mortgage lender — long-term financing specialist
- ✓Amount owing generally does not exceed home value, subject to lender conditions
- ✓Multiple product options: CHIP, CHIP Max, and CHIP Open
- ✓May allow access to up to 55% of home value depending on your borrower profile
- ✓Qualification based on age, property, and lender guidelines — not employment income
- ✓May help with retirement cash flow or debt consolidation — outcomes vary by situation
About CHIP Reverse Mortgage
The CHIP Reverse Mortgage, offered by HomeEquity Bank — a federally regulated Canadian bank — is Canada's most established reverse mortgage product. CHIP stands for Canadian Home Income Plan.
As a long-term financing solution, CHIP allows qualifying homeowners to access a portion of their home's appraised value as tax-free cash, with no required monthly principal or interest payments. Available amounts may reach up to 55% of your home's appraised value, depending on your borrower profile — including your age, property, and applicable lender guidelines. Qualification and loan amount are assessed on an individual basis.
Borrowers retain full ownership and title of their home. The amount owing generally does not exceed home value, subject to lender conditions. Interest accrues over time, so the outstanding balance grows and remaining equity decreases over the life of the loan.
HomeEquity Bank also offers CHIP Max for eligible borrowers seeking higher loan-to-value access, and CHIP Open for those wanting more prepayment flexibility. As a licensed mortgage broker, we access all CHIP products and provide independent guidance on which option is appropriate for your situation.
CHIP Reverse Mortgage — Frequently Asked Questions
CHIP Reverse Mortgage Across Ontario
We provide chip reverse mortgage services to homeowners in cities across Ontario.
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