Reverse Mortgage Benefits

A reverse mortgage is a loan secured against the value of your home. It is designed exclusively for homeowners aged 55 years and older. It enables you to convert up to 55% of your home’s value into tax-free cash. The funds from a reverse mortgage can be used for whatever you desire; to cover monthly expenses, renovate your home, pay-off debt or travel – the choice is yours! With a reverse mortgage, you maintain ownership of your home and there are no monthly mortgage payments required. Repayment of the loan is only required once you chose to move or sell. We guarantee that the amount you eventually repay will never exceed the fair market value of your home. And if your home goes up in value, the appreciation is all yours. You are simply required to maintain your property and pay the taxes and insurance.

You worked hard to become a homeowner, and it’s important to us that we keep it that way. With a Canadian Reverse Mortgage, you always maintain control of your home*. In other words, you will never be forced to sell or move as a result of changing home values or earning power (remember, there are no monthly mortgage payments). And we guarantee the amount that you or your estate eventually has to repay will never exceed the fair market value of your home at the time it is sold*. There’s no reason your home should ever be a burden to you or your family.

If your home goes up in value, the appreciation is all yours. Simply maintain your property and pay the taxes and insurance. When you retire, you shouldn’t have to give up the home you love.

The CHIP Reverse Mortgage is structured around you. You can choose to receive your tax-free money over a longer period of time or all together. It’s up to you. If at any time you want to repay the principal and interest in full, or switch to paying interest on an annual or monthly basis, you can do that too.

A reverse mortgage offers a safe solution for Canadian homeowners aged 55+ to access their home equity and turn it into tax-free cash without the requirement of monthly mortgage payments. Unlike a traditional mortgage, with the reverse mortgage, you will not need to make any principal or interest payments until you and your spouse leave the home.

As a federally regulated Schedule 1 bank, HomeEquity Bank meets the highest safety and security standards. For over 30 years, we’ve helped Canadian homeowners 55 and over retire freely in their own home. That’s why it’s no surprise that HomeEquity Bank is Canada’s leading provider of reverse mortgages.