CHIP LoansWhat is a CHIP loan/reverse mortgage?

A reverse mortgage is a mortgage designed specifically for the changing financial needs of Canadian seniors. A CHIP Home Income Plan is a loan, otherwise known as a reverse mortgage, which is secured by the equity in your home. The most important difference with a CHIP Home Income Plan and a regular mortgage or line of credit is that the homeowner does not have to make any payments, interest or principal for as long as the homeowner or spouse continues to live in the home.

A CHIP Home Income Plan loan is a tax free source of money to:

  • Eliminate existing debt payments

  • Enhance retirement

  • Cover the rising cost of home ownership

  • Invest to create more income

With no regular payments required until the homeowner decides to move or sell. The money received is a loan, and is not taxed. Most importantly, the money received does not add to the homeowner’s current income, like a RRIF withdrwal would. This means that Old Age Security, (OAS), and Guaranteed Income Supplement (GIS) and other benefits are fully protected from any government claw backs.

CHIP Home Income Plan provided by HomEquity BankMortgages for seniors is an authorized partner with CHIP Home Income Plan.

To begin the process it is as simple as calling 1-888-236-8861, sending us an e-mail, or filling in
our online application so that we may contact you.


Now is the time to experience more financial freedom and use the money from your home equity any way you wish.