Project Options
Finance renovations of all sizes, from kitchen upgrades to full home remodels.
Credit Friendly Options
Accessible financing regardless of your credit history to help you transform your home.
Flexible Loan Terms
Manageable repayment options to fit your renovation budget.
Quick Approval Process
Secure funding promptly so you can start your project without delays.
Unlock Your Home’s Potential
Is a CHIP Reverse Mortgage Right for You?
If you’re a Canadian homeowner aged 55 or older, the CHIP Reverse Mortgage from HomeEquity Bank offers a simple way to access cash for retirement. Whether you’re managing daily expenses, helping family, planning travel, or covering medical costs, you don’t have to sell your home to stay financially secure.
The CHIP Reverse Mortgage helps you live better today, while protecting your equity for tomorrow.
Apply now to see how much tax-free cash you can receive.
Certified Team
Our Powerhaus mortgage experts guide you through the reverse mortgage process, from eligibility to funding.
Trusted Company
We work with Canada’s top lenders to offer trusted retirement-focused mortgage products like CHIP.
Apply For a Loan
Get Approved in a Few Simple Steps
The Versatility Of The Chip Reverse Mortgage
CHIP Reverse Mortgage Benefits
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Equity Protection
Most homeowners still have 50% of their home's value when the loan is repaid.
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Tax-free Money
The money you receive is tax-free and won’t affect your OAS or GIS benefits.
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Use It Your Way
Whether it's for retirement, home updates, or helping family, you can use the funds as you wish.
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Keep Your Home
You maintain ownership and control of your home. The loan is only due when you and your spouse no longer live there.
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No Regular Payments
No mortgage payments are required while you or your spouse live in your home.
Why Choose a Reverse Mortgage Over a HELOC?
When it comes to tapping into your home equity, two popular options are a Home Equity Line of Credit (HELOC) and a reverse mortgage. Here’s why a reverse mortgage might be the better choice for you:
HELOC vs. Reverse Mortgage:
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HELOC :
Access up to 65% of your home’s value, with the flexibility to borrow as needed. However, it requires minimum monthly interest payments and regular requalification based on your credit score. -
Reverse Mortgage :
Specifically designed for Canadians 55+, allowing access to up to 55% of your home’s value as tax-free cash. There are no monthly payments, and the loan only comes due when you move, sell, or after passing.
Why Many Retirees Choose Reverse Mortgages Instead
| Feature | HELOC | CHIP Reverse Mortgage |
|---|---|---|
| Access | Up to 65% of home’s value | Up to 55% of home’s value |
| Payments | Monthly interest required | No monthly payments |
| Credit Check | Required | Not required |
| Ideal For | Active borrowers | Retirees on fixed income |
| Spouse Protection | Not guaranteed | Loan not due until both spouses leave home |
| Interest Type | Variable | Fixed-rate options available |
Frequently Asked Questions
The amount depends on your age, home location, and appraised value. Contact me for a quick estimate.
You can choose a lump sum, planned advances, or a combination.
Yes. You retain ownership and title.
The existing mortgage must be paid off using CHIP funds before you access the rest.
No. In most cases, homeowners have money left over when the loan is repaid.
No. It's a strategic financial option recommended by many professionals.
There are one-time fees for appraisal, legal advice, and administration, which are covered by the loan.
You won’t have to make any payments as long as you live in your home.