Home Equity Bank offers this product for those of us that may need a little extra over and above what the standard CHIP Product loan amount offers. CHIPMax provides a little boost in the loan value that may be required to satisfy your needs. This product is not available in all areas of British Columbia and is targeted for the larger metropolitan areas of Vancouver, Victoria and Kelowna.
As with any financing, interest rates are reflective of the risk borne by the lender. The CHIPMax product is priced with a slight rate premium to cover the higher loan value offered compared to the value of the property.
The CHIPMax helps you in the same manner as the standard CHIP loan:
- Maintain home ownership
- No monthly payments required
- Flexibility to use funds as you wish
- Best of all, the freedom to live life your way
Funds can be used to:
- Pay off debt
- Assist your children or grandchildren with their goals
- Make a special purchase
- Plan for a vacation
- Secure your investments
- Make everyday life just a little bit better
Remember that all funds coming from a reverse mortgage are tax-free and will not affect your income for tax purposes.
CONTACT ME ANYTIME! email@example.com 250-644-4002
Contact me anytime!
Nicolle Dupont | Mortgage Professional
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