Today’s Reverse Mortgage Rates updated as of December 30, 2024 5:47 pm
*Rates can change at anytime. Other conditions apply. Rate in effect as of today.
The CHIP Reverse Mortgage by HomeEquity Bank is Canada’s leading reverse mortgage solution, specifically designed for homeowners aged 55 and older. With CHIP, you can access up to 55% of your home’s value without monthly payments, providing you with the financial flexibility to live comfortably while staying in your home as part of a reverse mortgage.
The CHIP Reverse Mortgage is a loan that allows Canadian homeowners to convert a portion of their home equity into tax-free cash. Unlike traditional loans, it doesn’t require monthly payments. The loan, along with interest, is repaid only when you sell your home, move out, or pass away.
For more details on how reverse mortgages work, visit the Financial Consumer Agency of Canada (FCAC).
As of 2024, CHIP reverse mortgage offers some of the most competitive reverse mortgage rates in Canada:
For the latest rate updates, visit CHIP Reverse Mortgage Rates.
Canada’s Most Trusted Provider
With over 30 years of experience, HomeEquity Bank has helped thousands of Canadians access their home equity safely and securely.
No Negative Equity Guarantee
You’ll never owe more than your home’s value when it’s sold. This guarantee ensures that your financial future is secure.
Flexible Payout Options
Choose from lump sum, scheduled payments, or a combination to fit your financial goals.
Tax-Free Funds
Your reverse mortgage payments are tax-free and won’t affect government benefits such as Old Age Security (OAS) or Guaranteed Income Supplement (GIS).
Stay in Your Home
Retain ownership and continue living in your home while accessing its value.
Use our Reverse Mortgage Calculator to get an estimate of your borrowing potential.
Here’s a breakdown of typical fees associated with an CHIP Reverse Mortgage:
Understanding the market trends and usage patterns for reverse mortgages can help you make informed decisions. Here are key statistics:
Eligibility is simple:
Yes, CHIP reverse mortgages in Canada are regulated by federal and provincial laws. Lenders like HomeEquity Bank and Equitable Bank offer government-backed solutions with no negative equity guarantees.
The loan is typically repaid when you sell your home, move into long-term care, or pass away. You or your estate won’t owe more than the home’s fair market value at the time of sale.
Here are some examples of how clients commonly use it:
No, both you and your spouse must be at least 55 years old to qualify for a reverse mortgage in Canada.
No, as long as you meet your obligations, such as keeping your property taxes and insurance up to date, you can stay in your home for life.
Canadian reverse mortgages come with a no negative equity guarantee, meaning you’ll never owe more than the value of your home.
The loan is typically repaid when you sell your home, move into long-term care, or pass away.
Yes, prepayment penalties may apply. However, Equitable Bank offers flexible repayment options to minimize costs.
At Citadel Mortgages, we’re dedicated to helping you find the best financial solutions. Our partnership with HomeEquity Bank allows us to offer the CHIP Reverse Mortgage with competitive rates and personalized service.
Understanding your reverse mortgage potential is easier with our Reverse Mortgage Calculator. This tool provides an instant estimate of how much equity you can access based on:
Try the Citadel Mortgages Reverse Mortgage Calculator today to explore your options!
An CHIP Reverse Mortgage offers Canadian homeowners a secure, flexible way to unlock their home equity. Whether you’re planning for retirement, managing debt, or funding home improvements, this financial tool provides the freedom to live comfortably without monthly payments.
Contact Citadel Mortgages today to explore how an Equitable Bank Reverse Mortgage can work for you.
Copyright © 2018 Citadel Mortgages
Head Office – 150 King Street West 2nd Floor Suite 335, Toronto, ON M5H 1J9
Alberta Office – 421 7th Avenue S.W., 30th Floor, Calgary, Alberta, T2P 4K9
Nova Scotia Office – 1701 Hollis Street, Suite 800 Halifax, NS B3J 3M8
Saskatchewan Office – 2010 – 11th Avenue 7th Floor Regina Saskatchewan S4P0J3
Newfoundland Office – 1 Church Hill – Suite 201-522 St. John’s Newfoundland A1C 3Z7
New Brunswick Office – 500 St George Street, Moncton NB, E1C 1Y3
British Columbia Office – 900-2025 Willingdon Avenue, Burnaby BC, V5C 0J3
Montreal Office – 1155 Rue Metcalfe #1500, Montreal, QC, H3B 2V6
Disclaimer
Citadel Mortgages operates an information-based website designed to display mortgage rates from its trusted partners. While we strive to present accurate and up-to-date information, we cannot guarantee the precision of the rates or other details provided at all times. Citadel Mortgages assumes no liability for errors, inaccuracies, or damages resulting from the use of the information on this site. Terms and conditions apply, and it is essential to consult directly with a licensed mortgage broker for personalized advice and accurate details about specific products and services. Please note that the rates displayed are for informational purposes only and may differ from actual rates offered.
Citadel Mortgages is licensed to operate in the following jurisdictions:
Instant Approval, Conditional Approval, Pre-Approval
All approvals are subject to credit and underwriting approval. Not all borrowers will qualify for conventional or equity financing. The receipt of an application does not constitute a financing approval or guarantee of an interest rate. Restrictions apply. The Annual Percentage Rate (APR) is subject to underwriting and approval, and fees and terms may vary. Contact us for the most current rates and further information about specific products. OAC (On Approved Credit).
We remain committed to delivering outstanding service, transparency, and ethical practices. Please note that some rates are province-specific and may change without notice. Rates may not be available in Quebec; please contact us directly to confirm availability and approval.
All rights reserved.
Esso and Price Privileges are trademarks of Imperial Oil Limited. Imperial Oil, licensee. Mobil and Speedpass+ are trademarks of Exxon Mobil Corporation or one of its subsidiaries. Imperial Oil, licensee. For terms and conditions, visit Terms