Unlock the value in your home.
CHIP is a reverse mortgage, a loan secured against the value of your home. Unlike a loan or a regular mortgage, with CHIP you are not required to make payments. You only repay the loan when you move or sell your home.
You are required to keep your property in good maintenance, pay your property taxes and property insurance.
The money you receive is tax-free and yours to use as you wish.
Your home equity. Your Income Advantage.
Income Advantage from HomEquity Bank is a loan secured against the value in your home. It lets you convert part of your home equity into cash – without requiring you to sell or move. Income Advantage gives you choice and flexibility.
You maintain complete ownership and control of your home. You can access your money in monthly installments or initial and periodic advances. Income Advantage lets you access up to 40% of your home’s appraised value and you receive the money tax-free.
* Always consult your accountant or financial advisor.
GICs from HomEquity Bank are offered to investors across Canada.
HomEquity Bank offers Guaranteed Investment Certificates to investors across Canada through a network of independent deposit brokers. Contact your investment advisor to purchase a HomEquity Bank GIC.
HomEquity Bank's GICs are eligible for deposit insurance protection from CDIC for up to $100,000.