Lender History:
HomeEquity Bank is a federally regulated Canadian bank that has been specializing in reverse mortgages since 1986. They are the exclusive provider of the CHIP Reverse Mortgage, a product designed to help Canadian homeowners aged 55 and older access their home equity without selling or making monthly payments.
Headquartered in Toronto, HomeEquity Bank is the leading reverse mortgage lender in Canada, trusted by thousands of retirees seeking financial flexibility while aging in place. With over three decades of experience, they offer a safe, regulated solution backed by strong customer protections and a "no negative equity guarantee.
Home Equity Bank (CHIP) Ideal Clients
The CHIP Reverse Mortgage by HomeEquity Bank is a flexible solution for Canadian homeowners aged 55 and older. Qualification is based primarily on your age and home’s value—not your income or credit score. While there are no required payments for the life of the loan, borrowers have the option to make regular payments toward interest or principal if they choose. This provides the freedom to manage cash flow while staying in the home you love.
Factors to consider:
When considering a reverse mortgage, it’s important to weigh all your options. A Home Equity Line of Credit (HELOC) can often offer lower monthly payments, if you qualify based on income and credit. That’s why it’s a good idea to review your mortgage and overall financial picture before retiring to ensure you're set up for long-term success. Even after retirement, there are alternative HELOC programs available that may offer competitive rates, even with limited income—making it worth exploring all available solutions before committing to a reverse mortgage.
