CHIP Reverse Mortgage (HomeEquity Bank) Review 2026Apply Now Check if I Qualify ↓
1 review from borrowers who used CHIP Reverse Mortgage (HomeEquity Bank). Reviews are moderated; lenders cannot remove them.
We are extremely blessed to have come across the CHIP reverse mortgage. It has not only relieved our anxiety but also gave us peace of mind during a tough time.
The CHIP Reverse Mortgage allows Canadian homeowners aged 55 and older to access up to 55 percent of their home’s appraised value in tax-free cash without having to sell or move. Unlike a traditional mortgage, there are no monthly payments required, and the loan is repaid only when the home is sold, the homeowner moves, or the last homeowner passes away.
The CHIP Reverse Mortgage provides either a lump sum or scheduled cash advances based on your home equity. Interest accumulates on the loan, but there are no required monthly payments. The loan is repaid when the home is sold or when the last homeowner leaves the property. On average, CHIP customers retain over 50 percent of their home’s value even after repayment.
The amount you qualify for depends on factors such as your age, home value, location, and type of home (detached house, condo, townhouse, etc.). Your eligibility is assessed individually, and on average, homeowners can access up to 55 percent of their home’s value while still retaining significant equity.
The funds from a CHIP Reverse Mortgage can be used however you like, whether it’s for paying off debts, covering medical expenses, funding home renovations, helping children or grandchildren financially, or simply maintaining your lifestyle. The loan is tax-free, and there are no restrictions on how you use the money.
CHIP Reverse Mortgage rates are available in fixed and variable options. A fixed rate offers stability over a set period (e.g., one, three, or five years), while a variable rate fluctuates with the Bank of Canada’s prime rate. While reverse mortgage rates are slightly higher than traditional mortgage rates, they provide the benefit of no required monthly payments.
Yes. With a CHIP Reverse Mortgage, you remain the full owner of your home. The loan is secured against your property, but ownership remains in your name, allowing you to continue living in your home for as long as you choose.
