About HomeEquity Bank’s CHIP Reverse Mortgage®
For over three decades, HomeEquity Bank has been helping Canadians 55 and older with their CHIP Reverse Mortgage®. This service lets homeowners get up to 55% of their home’s value in cash without needing to move or sell their home. Whether they want a one-time payment or gradual cash over time, this mortgage doesn’t require monthly repayments. The due amount is only settled when the homeowner chooses to sell or move. This means homeowners can stay comfortably in their homes, enjoying their retirement to the fullest.
HomeEquity Bank’s main goal is to help Canadians enjoy their retirement in the homes they cherish. They believe that after years of hard work, Canadians should have the choice to retire in their own homes and benefit from their home’s value. Their services are rooted in values like excellence, professionalism, and genuine care for their customers. As a trusted bank, they prioritize educating their clients on the best choices for their retirement, ensuring their safety and wellbeing every step of the way.
Discover HomeEquity Bank’s CHIP Reverse Mortgage
HomeEquity Bank’s CHIP Reverse Mortgage is a special loan just for Canadians aged 55 and up. If you’ve lived in your home for years, it’s probably grown in value. But most of the time, you can’t use that value unless you sell your home. That’s where the CHIP Reverse Mortgage comes in. It lets homeowners get cash from the value of their homes, up to 55% of it, without selling.
Why Choose CHIP Reverse Mortgage?
- Stay in Your Home: You don’t have to sell or move. Your home remains yours.
- No Monthly Payments: Unlike regular loans, you don’t pay every month. You settle the amount when you decide to sell or move.
- Tax-Free Cash: The money you get is tax-free. Plus, it won’t change any Old-Age Security or Guaranteed Income Supplement benefits you receive.
- Use Money Your Way: Whether you want to fix up your home, take a dream vacation, help your family, or just handle unexpected expenses, the money is yours to use.
- Simple Requirements: If you and your partner are both 55 or older, it’s your main home, and your home’s value is at least $250,000, you can apply.
In short, HomeEquity Bank’s CHIP Reverse Mortgage is a stress-free way for older Canadians to benefit from the value of their homes. It’s about making retirement comfortable and enjoying the home you love.