Your home's equity,
tax-free and on your terms.
Canadian homeowners 55 and older can convert a portion of their home equity into tax-free cash with the CHIP Reverse Mortgage — Canada's most established reverse mortgage from HomeEquity Bank. No monthly payments. You stay in your home.
- BBB Accredited
- You keep title
- Licensed Alberta brokers
Get Your Free Estimate
A specialist will review your numbers and email your estimate within 5–10 minutes.
We never pull your credit for this estimate. Your information is never shared or sold. For more information, please refer to our Privacy Policy.
Tell us a bit more
This helps us understand where you're at so we can match you with the right options.
What's your down payment situation?
Choose the option that best matches what you have saved or available.
We never pull your credit for this estimate. Your information is never shared or sold. For more information, please refer to our Privacy Policy.
When are you looking to buy?
This helps us tailor our follow-up to your timeline.
We never pull your credit for this estimate. Your information is never shared or sold. For more information, please refer to our Privacy Policy.
Your Income & Debts
Complete all fields and we'll calculate your result instantly.
Please complete all fields above.
We never pull your credit for this estimate. Your information is never shared or sold. For more information, please refer to our Privacy Policy.
Where should we send your results?
Your estimate will be calculated and sent shortly.
Please complete all fields above.
We DO NOT pull your credit. Your information is used only to reach out to you. No portion is shared with any third party. For more information, please refer to our Privacy Policy.
We'll be in touch shortly to discuss your options. Check your email for a copy of your results.
You're all set!
We've received your information and will be in touch shortly to discuss your chip reverse mortgage 55+ options.
Tax-free cash from your home's equity
The CHIP Reverse Mortgage is offered by HomeEquity Bank, a federally regulated Schedule I Canadian bank. It lets homeowners 55 and older convert a portion of their home equity into tax-free cash — without selling, without moving, and without monthly payments. The loan is repaid only when you sell the home, move out permanently, or pass away.
It's the right tool for some retirements and the wrong tool for others. We'll walk through whether it fits your specific situation before recommending it — and tell you honestly when a regular refinance or another option would serve you better.
The basic eligibility checklist
-
55 or older. Both you and your spouse (or anyone else on title) must be at least 55. The younger of the two ages is used for qualification.
-
You own your home. CHIP is for the home you live in as your primary residence. Existing mortgage balances can be paid off as part of the CHIP funding.
-
Qualifying property type. Most detached homes, townhouses, and condos qualify. Rural properties and unique homes are evaluated individually. We'll confirm before any application.
-
Sufficient equity in the home. The amount you can access depends on your age, the home's value, and location. Older borrowers and higher-value urban properties unlock more equity.
-
No income requirement. Unlike conventional mortgages, CHIP doesn't require you to qualify on income. The loan is secured by the home's equity, not your monthly cash flow.
From application to funding
Quote & estimate
Submit basic information about your home and age. We'll come back with an estimate of how much equity you could access — typically within 24 hours.
Application & appraisal
If the numbers work for you, we submit a formal application to HomeEquity Bank. An independent appraisal is ordered to confirm property value.
Independent legal advice
CHIP requires you to receive independent legal advice before closing — your lawyer will explain the product in detail and make sure you understand the obligations. This is a borrower protection.
Funding
Money is paid to you as a lump sum, regular installments, or a combination — whichever fits your need. Tax-free, no monthly payments required.
What people get wrong about CHIP
"The bank takes my house."
False. You retain title and ownership. HomeEquity Bank registers a mortgage charge against the property, exactly like any other mortgage lender — and has no claim to the home beyond that loan balance.
"My family won't inherit anything."
False. When the home is sold (typically after you've moved or passed away), the CHIP loan is paid out of the sale proceeds. Anything left over goes to your estate. Your equity above the loan balance still passes to your beneficiaries.
"It's only for people who are broke."
False. Many CHIP clients are financially comfortable and use it strategically — to delay drawing down RRSPs in low-tax years, to gift to family while alive, to fund travel or home renovations without disrupting investment portfolios.
"I could owe more than the home is worth."
False. CHIP has a No Negative Equity Guarantee. You or your estate will never owe more than the fair market value of the home at the time of repayment, as long as you've met the basic obligations of the mortgage (keeping the home in good repair, paying property tax and insurance).
When CHIP is the right tool
A regular refinance gives you lower interest rates and lets you pay down the principal over time — but it requires monthly payments, and qualifying on income can be hard for retirees with limited employment income.
CHIP costs more in interest over time (because the balance grows without payments), but it removes the cash-flow burden entirely. The right choice depends on which constraint matters more in your situation: total interest cost, or monthly cash flow.
CHIP makes sense when monthly payments would strain your retirement income, when income documentation is a barrier to traditional refinancing, or when keeping investment assets undisturbed matters more than minimizing interest cost.
A traditional refinance makes sense when you can comfortably handle the monthly payments and want to minimize total interest over the life of the loan.
We'll show you both numbers side by side and let you decide.
HomeEquity Bank
CHIP is offered exclusively by HomeEquity Bank, a federally regulated Schedule I Canadian bank specializing in financial solutions for Canadians 55 and older. We're a licensed broker partner with HomeEquity Bank.
CHIP is a trademark of HomeEquity Bank. Logos shown are property of their respective owners. Final approval depends on HomeEquity Bank's underwriting.