Serving: Ajax


CHIP Home Income Plan for Canadian Seniors


Age 55 or older


Up to 55% of the home value


Tax-free cash


No Monthly Payments

Reverse Mortgages

Wouldn’t it be nice if you had the money to do more of the things you want to do? If you are a Canadian homeowner over 55, a Canadian Home Income Plan (CHIP) Reverse Mortgage could be just what you need. It’s the simple and sensible way to unlock up to 55% of the value of your home as tax-free cash to help you enjoy life on your terms.

Unlike a traditional mortgage in which you make regular payments to someone else, a reverse mortgage pays you. The big advantage with the CHIP Reverse Mortgage is that you do not have to make any regular mortgage payments for as long as you or your spouse lives in your home.

How does it work?


You receive the money tax-free. It is not added to your taxable income so it doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive.

You can use the money any way you wish. The money can be used for anything you wish: Pay-off debt, renovate your home, travel, create an income stream, gift to children, pay for home care, etc.

No regular mortgage payments are required while you or your spouse live in your home. The full amount only becomes due when you and your spouse no longer live in the home. Interest is simply added to the balance of the reverse mortgage and HomEquity Bank is paid back the principal + interest once you move, sell, or no longer live in the home.

You maintain ownership and control of your home. You will never be asked to move or sell to repay your CHIP Reverse Mortgage. All that’s required is that you maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.

You keep all the equity remaining in your home. In many years of experience, 99 out of a 100 homeowners have money left over when their CHIP Reverse Mortgage is repaid. On average, the amount left over is 50% of the value of the home when it is sold.


The homeowner keeps all the equity remaining in the home.

Conservative lending practices allow homeowners to take a maximum of 55% (33% on average) of the home’s appraised value. In fact, 99% of people who have a reverse mortgage have equity remaining in the home when the loan is repaid.

The equity remaining depends on the amount borrowed, the value of the home, and the amount of time that’s passed since the reverse mortgage was taken out.

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