HomeEquity Bank (CHIP)
Canada's reverse-mortgage specialist (CHIP). Age 55+. No income or credit requirements; access up to 55% of home value. It lends across Canada.
Prepayment-penalty method
Fair, contract-rate penalty
If you break a fixed term early, the penalty is calculated the borrower-friendly way, using your actual contract rate. This is usually far cheaper than a big bank's posted-rate method, and it is one of the biggest hidden costs most people never compare.
See what breaking a mortgage early could costWho it tends to fit
- Homeowners aged 55+ looking at a reverse mortgage
- Self-employed and business-owner borrowers
General signals only. Approval depends on the full application; a lender that fits on paper still has to say yes.
What you can do with it
- Reverse mortgage
Rate types
- Fixed rates
- Variable rates
Where it lends
Across Canada
Good to know
- Reverse mortgage: no monthly payments, but interest compounds and reduces your home equity over time. Get independent legal advice.
How to reach HomeEquity Bank (CHIP)
Available both directly and through a mortgage broker. This is educational information, not a rate quote; confirm current rates and terms directly.
Visit HomeEquity Bank (CHIP)Educational summary; rates, terms, and approval are set by the lender.
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Other reverse mortgage lenders
Educational information about Canadian mortgages, not financial or mortgage advice. This tool is offered by Jordan Avery, Mortgage Agent (Level 2), Licence M23999999 · Maple Key Mortgages Inc., FSRA Brokerage Licence 13999 and operated by LenderSearch; figures are estimates. Confirm all rates, terms, and eligibility directly with the lender before acting.