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CHIP Reverse Mortgage: Overview

CHIP Reverse Mortgage is provided by provided by HomeEquity Bank, a Federally regulated Canadian Bank. IT was originally known as the Chip Home Income Plan, but they re branded to its current name in 2014. As in its name, CHIP Reverse Mortgage provide a reverse mortgage program for individuals over 55 years of age.The reverse mortgage is a loan secured against the value of your home. Their program is available to all Canadian provinces expect the territories.

Services & Products

CHIP Reverse Mortgage Offered Services

Reverse Mortgage

Loan Range
min 25,000
Interest Rate
3.89.% - 4.84%
Terms (Months)
12 - 60
Funding Time
n/a
Funding Method
n/a
Repayment Options
n/a
Eligibility
  • Must be a Canadian homeowner
  • Must be 55+ years old
   
Requirements & Documents
  • 2 personal forms of identification
  • Proof of address
  • Signed application
  • Other required legal documents
  • Property insurance
  • Proof of property taxes payments

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