HomeEquity Bank (CHIP)
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
HomeEquity Bank (CHIP) Mortgages: Partnering with RateShop for Tailored Solutions
History as a Mortgage Lender in Canada
Established in 1986, HomeEquity Bank is the only Canadian bank dedicated exclusively to providing reverse mortgages for homeowners aged 55 and older. Originally known as the Canadian Home Income Plan (CHIP), it rebranded in 2012. Today, HomeEquity Bank serves over 17,000 clients and manages $5 billion in reverse mortgages, making it a leader in this niche market.
Types of Mortgage Products & Programs
HomeEquity Bank focuses primarily on reverse mortgages under its CHIP Reverse Mortgage brand:
Residential Mortgages:
CHIP Reverse Mortgage: Access up to 55% of your home’s equity with no regular monthly payments.
CHIP Max: A higher loan-to-value option for urban markets.
Income Advantage: Provides monthly or lump-sum payments for retirees to supplement income.
Commercial Mortgages:
Not applicable; HomeEquity Bank specializes in residential products for seniors.
Minimum Credit & Income Requirements
HomeEquity Bank has flexible requirements:
Age Requirement: Homeowners must be 55 years or older.
Credit Score: No minimum score; approval is based on home equity.
Income Verification: Not required; ideal for retirees or those with limited income.
Property Requirements: Primary residences only, with a minimum appraised value.
Mortgage Underwriting Criteria for Approval
Key factors include:
Loan-to-Value (LTV): Maximum 55% of the home’s appraised value.
Home Appraisal: Required to determine market value.
Borrower Age: The older the borrower, the higher the approved amount.
Location: Property must be in Canada.
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*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Locations Serviced and Branch Presence in Canada
HomeEquity Bank serves clients nationwide but operates through a centralized office network and digital services. Mobile representatives ensure personalized support across Canada, particularly in major cities like Toronto, Vancouver, and Montreal.
Mortgage Application Checklist
Prepare the following for a CHIP Reverse Mortgage:
Government-issued ID
Proof of age: Birth certificate or passport
Home details: Recent property tax bill, mortgage statement, and insurance documents
Appraisal report: Conducted by an approved appraiser
How to Start a Mortgage Pre-Approval
Consult a RateShop Broker: Learn about tailored options from HomeEquity Bank.
Submit Documentation: Provide proof of age and property information.
Receive Pre-Approval: Get a detailed estimate based on your home equity.
How to Get Mortgage Rates
Online: Visit RateShop’s website for exclusive CHIP Reverse Mortgage rates.
Broker Assistance: RateShop brokers negotiate personalized terms.
Direct Consultation: Speak with a HomeEquity Bank representative.
Mortgage Pre-Payment Options
HomeEquity Bank offers unique pre-payment features:
No Monthly Payments: Repayment occurs when the home is sold or the homeowner moves out.
Early Repayment Options: Pay off the mortgage in full without penalties after 5 years.
Partial Payments: Make payments up to 10% annually without penalties.
Partnering with RateShop Mortgages, HomeEquity Bank provides financial freedom for Canadian seniors through innovative reverse mortgage solutions. With competitive rates and flexible options, it helps homeowners access their home equity without sacrificing financial security. 🏠
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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