But retirement can also bring financial strain. It is not easy to face the challenge of managing with less cash flow than anticipated or coping with unforeseen expenses.

Changing the financial equation - How does a Chip Reverse Mortgage help?

If you're like many other 55+ Canadians, much of what you own fits into two categories—the equity in your home and the money you've saved. Chances are, the value of your home has grown over the years and makes up a good portion of your net worth. While having a home that has built value is a positive, you typically can’t spend that value unless you sell it. And that’s something many homeowners simply do not want to do.

That’s where CHIP comes in.

A CHIP Reverse Mortgage lets you change the home equity and savings balance by turning some of your equity into cash. Unlike many mortgage-based financial products, you’re not obligated to make any payments until you choose to move or sell.

What makes this program work is that participants only take up to 55% of the value of their homes, which ensures you have access to the cash you want and also the security you need.

Your money, your way

To ensure you get the money you need in precisely the way you want it, we custom tailor the mortgage to suit your specific needs and goals. Whether you wish to receive your money over time or in one lump sum, the choice is yours. Likewise, if at any time you would like to repay the principal and interest in full or switch to paying interest on an annual or monthly basis, you can do that too.

No income required, you've already earned it

We believe you have the right to access the equity in your own home, regardless of your current income or health. To benefit from a Reverse Mortgage, there’s no need to provide information about your income, or even medical history.

By Canadians, For Canadians

A CHIP Reverse Mortgage is a Canadian financial solution designed to benefit Canadian homeowners. Formly CHIP Home Income Plan, now called a CHIP Reverse Mortgage, has been available to Canadian homeowners since 1986 and is provided by Home Equity Bank, a Schedule 1 Canadian Bank.

Reverse Mortgage


  • Homeowners age 55 and older
  • No payments are ever required
  • No Income qualifications
  • Credit requirements not required
  • Qualify for up to 55% of the value of the home
  • Money can be received as a lump sum, or over time or combination
  • Homeowner maintains title ownership
  • You can sell or move at anytime
  • The mortgage proceeds(money) is tax-free
Call (613769-9213) to discuss CHIP Reverse Mortgage solution and to learn more on how you can unlock the value in your home.

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