HomEquity Bank originates and administers Canada's largest portfolio of reverse mortgages under the CHIP Home Income Plan brand. HomEquity Bank's predecessor, Canadian Home Income Plan Corporation, has been the main underwriter of reverse mortgages in Canada since pioneering the concept in 1986.
A CHIP Home Income Plan is a solution to the financial needs of Canadian seniors (55 years +). It is a loan secured by the equity in your home. Without having to sell their home, they can receive up to 50% of the value of the home. The key advantage of a CHIP Home Income Plan is that clients don't have to make any payments - interest or principal - for as long as they or their spouse live in the home. They maintain ownership and control of the home while enjoying all the benefits of having converted some of its value into readily accessible, tax-free cash flow.
The CHIP Home Income Plan has helped thousands of Canadian seniors who are looking for a simple, sensible way to unlock the value in their homes - homes that they're very comfortable in and don't want to have to sell.
A CHIP Home Income Plan is available through all of Canada's major chartered banks, many credit unions, mortgage brokers, investment and financial planning firms, or directly from CHIP.
Click on the links below to see the current list of financial institutions that offer the CHIP Home Income Plan:
- Chartered Banks
- Credit Unions
- Mortgage Brokers
- Investment and Financial Planning Firms Other Financial Institutions
For more information on the CHIP Home Income Plan please visit: