CHIP Reverse Mortgage
HomeEquity Bank, a Schedule 1 Canadian Bank, offers the CHIP Reverse Mortgage, allowing Canadian homeowners aged 55+ to access up to 55% of their home’s value in tax-free cash without requiring monthly payments.
Company Overview
HomeEquity Bank is a Schedule 1 Canadian Bank that provides the CHIP Reverse Mortgage, a financial solution designed for Canadian homeowners aged 55 and older. With over 35 years of experience, HomeEquity Bank enables eligible homeowners to access up to 55% of their home's value in tax-free cash. The company adheres to the Federal Bank Act and is a member of the Canadian Bankers Association. The CHIP Reverse Mortgage, offered by HomeEquity Bank, is available across all Canadian provinces.
CHIP Reverse Mortgage Services
The CHIP Reverse Mortgage allows Canadian homeowners aged 55+ to convert up to 55% of their home's value into tax-free cash. Importantly, this product does not require monthly payments, as the loan repayments are deferred until the homeowner decides to move or sell the property. The funds can be used for various purposes including paying off debts, covering medical expenses, renovating the home, or supplementing retirement income. HomeEquity Bank provides a No Negative Equity Guarantee, ensuring that the repayment amount will never exceed the home's fair market value.
Range of Reverse Mortgage Products
HomeEquity Bank offers multiple reverse mortgage products tailored to the unique needs of customers. These products include the CHIP Reverse Mortgage, Income Advantage, CHIP Max, and CHIP Open. Each product is designed to provide financial flexibility and security to Canadian homeowners aged 55+. HomeEquity Bank also offers tools such as a reverse mortgage calculator and a product selector to help users determine the best option for their specific financial circumstances.
Endorsements and Regulatory Compliance
The CHIP Reverse Mortgage is endorsed by notable organizations such as CARP (Canadian Association for Retired Persons) and the Royal Canadian Legion. HomeEquity Bank operates under stringent regulatory guidelines provided by the Federal Bank Act and is an active member of the Canadian Bankers Association. These endorsements and regulations underscore HomeEquity Bank's commitment to providing secure and reliable financial products for Canada's senior homeowners.
Tools for Financial Planning
HomeEquity Bank provides several tools to help Canadian homeowners make informed financial decisions. The reverse mortgage calculator allows potential customers to estimate the amount of tax-free cash they can access through the CHIP Reverse Mortgage. Additionally, the Financial Wellbeing Scale tool helps users assess their overall financial health. These resources are part of HomeEquity Bank's efforts to promote financial literacy and well-being among its customers.