CHIP Reverse Mortgage,
is it right for you?

If you’re 55+ and own your home, you’ve likely built up a significant amount of equity over the years. The question becomes — how do you use it to improve your lifestyle in retirement?

The CHIP Reverse Mortgage from HomeEquity Bank is one option that allows you to access that equity without selling your home or making monthly payments.

It’s not for everyone — but in the right situation, it can be a very powerful tool.

When Does a CHIP Reverse Mortgage Make Sense?

Most clients I work with fall into one of these four categories:

1. Reducing Financial Stress

If you’re carrying debt (mortgage, credit cards, lines of credit) and don’t want to drain your savings to pay it off, this can eliminate payments and improve monthly cash flow.

2. Covering Unexpected Expenses

Whether it’s home repairs, medical costs, or in-home care, life happens. This gives you access to funds quickly without needing to qualify based on income.

3. Enjoying Retirement More

You worked hard for your home — this allows you to actually enjoy it. Travel, help family, or simply have more financial freedom.

4. Maintaining Your Lifestyle

If rising costs (inflation, property taxes, etc.) are putting pressure on your retirement income, this can help you stay comfortable without cutting back.

How It Works

Available to Canadian homeowners age 55+
Access up to 55% of your home’s value
Funds are tax-free
No required monthly mortgage payments
You keep ownership of your home
Repayment only happens when you:
- Sell the home
- Move out
- Or from the estate

You can take the money:

As a lump sum
In stages
As scheduled payments
Or a combination

There is also a No Negative Equity Guarantee, meaning you’ll never owe more than the value of your home (as long as property taxes, insurance, and maintenance are kept up).

Reverse Mortgage vs HELOC – What’s the Difference?

Both allow you to access home equity, but they work very differently:

HELOC (Home Equity Line of Credit)

Access up to ~65% of your home’s value
Requires income and credit qualification
Monthly interest payments required
Variable rate (can increase over time)
Can be reduced or frozen by the lender

CHIP Reverse Mortgage

Access up to 55% of your home’s value
No income or payment requirements
No monthly payments
No re-qualification
Available even on fixed retirement income
Option for fixed interest rates

Why Many Retirees Choose CHIP

Eliminates monthly payment stress
Easier approval vs traditional lending
Stable access to funds (not tied to credit changes)
Surviving spouse can remain in the home
Predictable structure with no surprise payment increases

Is It a Good Fit for You?

A reverse mortgage is a strategy tool, not a one-size-fits-all solution.

In some cases, a HELOC, refinance, or even downsizing may be better. My job is to walk you through all options and help you make the right decision for your situation.