CHIP Reverse Mortgage provided by HomEquity Bank
Considering a CHIP Reverse Mortgage?
Retirement is different for everyone.
For many homeowners, their home has become one of their greatest financial assets. At the same time, retirement can bring changing priorities, evolving family responsibilities, and new financial decisions. Whether you're looking to improve monthly cash flow, eliminate debt, renovate your home, help family members, or simply create greater financial flexibility, understanding all of your options is an important first step.
A CHIP Reverse Mortgage, provided by HomeEquity Bank, allows eligible Canadian homeowners age 55 and older to access a portion of the equity in their home while continuing to live there.
Key Features
- Available to homeowners age 55 and older
- No regular mortgage payments required
- No income qualification
- No credit qualification
- Access up to 55% of your home's value (subject to qualification)
- Receive funds as a lump sum, scheduled advances, or a combination of both
- Continue to own and live in your home
- Repay the mortgage when you sell your home or no longer live in it
- Funds received are generally tax-free*
Is a Reverse Mortgage Right for You?
A reverse mortgage can be an excellent solution for some homeowners, but it isn't the right choice for everyone.
Before making any recommendation, I believe it's important to understand your complete financial picture, your long-term goals, and the reasons you're considering accessing your home equity. In some situations, a reverse mortgage may be the best solution. In others, refinancing, a home equity line of credit, or another mortgage strategy may better suit your needs.
My role is to help you understand your options, explain how each solution works, and provide the information you need to make a confident decision.
If you're considering accessing the equity in your home, I'd be happy to discuss your situation and explore whether a CHIP Reverse Mortgage—or another solution—is the right fit for you.
*Tax treatment depends on individual circumstances. Professional tax advice should be obtained.
