Access equity while keeping your home
A CHIP Reverse Mortgage from HomeEquity Bank is a loan secured against your primary residence. Eligible homeowners may access up to 55% of their home’s value, depending on age, property location, home type and appraised value. Both you and your spouse must meet the lender’s age requirements.
How the funds can help
- Supplement retirement cash flow.
- Repay existing debt.
- Renovate your home or meet unexpected expenses.
- Receive funds through available lump-sum or scheduled-advance options.
Payments, costs and ownership
No regular monthly mortgage payments are required while you meet the loan conditions. Interest accrues and increases the balance if unpaid, reducing the equity remaining in your home. You retain ownership and must keep property taxes and insurance up to date. Review repayment events, fees and optional payment terms with the lender.
Our team can help you assess the fit and compare alternatives. Review HomeEquity Bank’s CHIP information.
Let’s discuss your next step
Connect with our Surrey team to discuss your goals and the available options.