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Reverse-mortgage lenders

HomeEquity Bank (CHIP) mortgage review — a broker's perspective

Canada's leading reverse-mortgage lender. The CHIP Reverse Mortgage offers up to 55% of home value as tax-free cash to homeowners 55+, with no monthly payments. No-Negative-Equity Guarantee included.

Founded
Founded 1986
Headquarters
Toronto, ON
Products
1 product types
Tier
Reverse-mortgage lenders
Broker licence
FSRA #13737 broker
Start Pre-Approval See live rates4.9 ★★★★★ GoogleHomeEquity Bank (CHIP) website
ZA
Reviewed by Mortgage Squad Advisors Editorial Team · Licensed Mortgage Advisors · Reviewed by the Principal Broker
FSRA Brokerage #13737 · 15+ years · Last reviewed May 13, 2026
Where HomeEquity Bank (CHIP) stands out

Who is HomeEquity Bank (CHIP) good for?

HomeEquity Bank (CHIP) suits homeowners 55+ with strong home equity and borrowers who want to stay in the home but lack income for payments. It is strongest on: CHIP Reverse Mortgage, Up to 55% LTV, No monthly payment, No-Negative-Equity Guarantee.

Strong fit for

  • Homeowners 55+ with strong home equity
  • Borrowers who want to stay in the home but lack income for payments
  • Heirs are comfortable with the equity-draw structure
  • Tax-free cash for retirement income supplementation

Probably not the right fit if

  • Borrowers under 55 (regulatory floor)
  • Borrowers who can comfortably qualify for a HELOC instead (usually cheaper)
  • Heirs strongly opposed to using equity drawdown

Not sure where your file fits? Start a free pre-qualification and we’ll check your fit across 99+ lenders — no credit check to begin.

Overview

What kind of lender is HomeEquity Bank (CHIP)?

HomeEquity Bank (CHIP) sits within the reverse-mortgage lenders tier of Canada's mortgage market. CHIP / PATH 55+ programs. Tax-free equity access with no monthly payments. No-Negative-Equity Guarantee on every file.

Working across 99+ Canadian lenders, our brokerage knows HomeEquity Bank (CHIP)'s underwriting appetite — what they say yes to, what they push back on, and what file structure gets a clean approval the first time. HomeEquity Bank (CHIP) is regulated under OSFI as a Schedule I bank and follows strict consumer-protection rules around reverse mortgages, including the No-Negative-Equity Guarantee.

Live · updated Oct 24, 2026

How does HomeEquity Bank (CHIP) price its mortgages today?

These are HomeEquity Bank (CHIP)'s lowest current rates across 14 broker-channel products in our live feed. Your exact rate depends on your file, term, down payment and insurance.

5-yr fixed
6.94%
5-yr variable
6.86%
3-yr fixed
6.69%
1-yr fixed
6.99%
HomeEquity Bank (CHIP) rates by termGet your exact rate
Product menu

What mortgages does HomeEquity Bank (CHIP) offer?

HomeEquity Bank (CHIP) funds 1 mortgage types. We can access its full broker-channel menu.

  • Reverse (55+)
Reverse mortgage
Bank direct vs broker channel

Should you go to HomeEquity Bank (CHIP) directly or use a broker?

HomeEquity Bank (CHIP) sells only through brokers, so a licensed brokerage like ours is the way in. We’re not employees of HomeEquity Bank (CHIP). We’re an independent FSRA-licensed brokerage that sends your file to HomeEquity Bank (CHIP) when it’s the best fit — and to a different lender when it’s not.

Going direct to HomeEquity Bank (CHIP) vs. through us

Rate sheetBroker-channel only — no direct retail accessDirect broker-channel access — our day-one cost
Lenders shoppedJust HomeEquity Bank (CHIP)99+ lenders incl. HomeEquity Bank (CHIP)
If declinedApplication ends; reapply elsewhereRe-route to next-best lender same day
Cost to borrower$0 — bank pays its own staffDisclosed up front (private/alt files only)
Underwriting strategyHomeEquity Bank (CHIP)'s lens onlyWe structure your file to HomeEquity Bank (CHIP)'s preferences before submission
Renewal benchmarkingHomeEquity Bank (CHIP) sends a single offer; you accept or counterWe benchmark across 99+ lenders 120 days before renewal

Same HomeEquity Bank (CHIP) loan documents. Different shopping power. Start a pre-qualification to see what your file looks like across 99+ lenders.

How we work with HomeEquity Bank (CHIP)

  1. Discovery

    A 5-minute call about your income, credit, down payment, home and timeline. No credit check to start.

  2. Match

    We compare your file with 99+ lenders, not just HomeEquity Bank (CHIP). If HomeEquity Bank (CHIP) fits best, we go there.

  3. Submit

    We send a full package to HomeEquity Bank (CHIP)'s broker desk, set up the way their underwriters like it.

  4. Funding

    Approval, conditions, lawyer, funding. We manage every step.

Alternatives

Other reverse-mortgage lenders we shop alongside HomeEquity Bank (CHIP)

Same tier, often similar rates. We compare HomeEquity Bank (CHIP) with these every time.

Bloom Finance Co. logo
Bloom Finance Co.
Digital-first reverse mortgage
By city

HomeEquity Bank (CHIP) mortgage broker — major Canadian cities

We place HomeEquity Bank (CHIP) files across Canada. Pick your city for local market context.

Toronto, GTA Vaughan, GTA / York Mississauga, GTA / Peel Brampton, GTA / Peel Markham, GTA / York Oakville, GTA / Halton Richmond Hill, GTA / York Burlington, GTA / Halton

Don’t see your city? Browse all Canadian markets — we lend nationally.

FAQ

HomeEquity Bank (CHIP) — common questions

Don’t see yours? Ask Maya.

What are HomeEquity Bank (CHIP)'s current mortgage rates in Canada?
HomeEquity Bank (CHIP)'s rates change daily and are channel-specific — branch rates differ from broker-channel rates. As a brokerage we access HomeEquity Bank (CHIP)'s broker-channel sheet, typically 15-30 bps below their walk-in rate. Our live rate board (last reviewed May 13, 2026) shows current best-in-network across 99+ lenders. See our live rate board.
How do I qualify for a mortgage with HomeEquity Bank (CHIP)?
Standard Canadian qualifying: 5%+ down (under 20% requires CMHC/Sagen/Canada Guaranty default insurance), OSFI B-20 stress test at the higher of contract rate + 2% or 5.25%, GDS ≤ 39% and TDS ≤ 44%. HomeEquity Bank (CHIP)'s underwriting has specific preferences we know from working with them — we'll tell you whether your file is a strong fit before submitting.
Is HomeEquity Bank (CHIP) a good mortgage lender?
HomeEquity Bank (CHIP) is genuinely strong on: CHIP Reverse Mortgage, Up to 55% LTV, No monthly payment. As your broker we evaluate HomeEquity Bank (CHIP) against 99+ other Canadian lenders for your specific file — sometimes they're the best fit, sometimes a different lender is. The honest answer depends on your file profile, not the lender's marketing.
Can I switch to HomeEquity Bank (CHIP) at renewal?
Yes, if your file qualifies. A transfer-in at renewal typically costs you $0 — HomeEquity Bank (CHIP) covers the discharge fee from your old lender and the appraisal as a transfer incentive. We benchmark HomeEquity Bank (CHIP)'s offer against your existing lender's renewal rate and the broader market 6 months before renewal so the switch (or stay) is timed properly.
Does HomeEquity Bank (CHIP) work with self-employed borrowers?
HomeEquity Bank (CHIP) focuses on standard A-lender files. For self-employed borrowers we'd typically place at a specialty BFS lender (Home Trust, Equitable, RFA, Haventree) and refinance to HomeEquity Bank (CHIP) once 2 clean NOAs accumulate. See our self-employed mortgages.
How long does HomeEquity Bank (CHIP) take to approve a mortgage?
HomeEquity Bank (CHIP)'s commitment turnaround on a clean broker-channel file is typically 24-72 hours from submission. Complex files (BFS, foreign income, atypical down payment) can take 5-10 business days. Conditional approval to funding is usually 14-30 days depending on appraisal, lawyer, and conditions.
What's the difference between HomeEquity Bank (CHIP) branch rates and broker rates?
HomeEquity Bank (CHIP) is broker-channel only — they do not sell mortgages direct to the public, so there is no retail rate to compare against. Their entire pricing comes through licensed brokers.
Does HomeEquity Bank (CHIP) offer pre-approvals?
Yes — HomeEquity Bank (CHIP), like all major Canadian lenders, offers rate holds (typically 90-120 days) for pre-approved borrowers. We can submit your file to HomeEquity Bank (CHIP) for a real underwritten pre-approval, not just a soft rate-hold. This means if rates rise you're locked, and if they fall most lenders honour the lower rate. Start your pre-approval here.
What prepayment privileges does HomeEquity Bank (CHIP) offer?
Most major Canadian lenders including HomeEquity Bank (CHIP) offer 15-20% annual lump-sum prepayment plus 15-20% payment-increase privileges per anniversary year. The exact privilege depends on the specific product family (insured/insurable/conventional) and term selected. We disclose the privileges and IRD calculation method up front so you know your exit cost before you sign.
What if HomeEquity Bank (CHIP) declines my mortgage application?
As a broker we don't single-submit — if HomeEquity Bank (CHIP) declines, we have 98+ other lender options across A-tier, alt-A, MIC, and private. We'll diagnose the decline reason (credit, income, LTV, property type, beacon), fix what's fixable, and re-strategize. A bank decline ends your bank application; with us, it's one route taken off the map and we pivot.
Related reading

Pillar guides relevant to HomeEquity Bank (CHIP) files

The First-Time Buyer Roadmap

Our most comprehensive first-time-buyer guide. Pre-approval to closing day, the FHSA + RRSP Home Buyers' Plan stack, 30-year insured amortization for first-time buyers, the stress test in plain English, and closing-day costs.

The Renewal Playbook

Your bank's first renewal offer is an opening bid. This playbook covers the 21-day federal notice rule, the lender early-renewal window (often up to 120 days), and how to compare your bank's offer against the market instead of auto-renewing.

The Refinance Decision Framework

Refinancing isn't always a win. This guide gives you the break-even method we use: penalty + fees vs. monthly savings, with three illustrative scenarios (rate drop, debt consolidation, equity take-out).

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Editorial commitment

This page is an editorial profile written from our brokerage’s perspective. We are not employed by HomeEquity Bank (CHIP) and receive no payment from HomeEquity Bank (CHIP) for this content. We compensate-disclose: on A-lender files the lender pays our brokerage compensation, and we earn the same regardless of which A-lender funds your file — so our recommendations are rate-agnostic. Rates and program details are reviewed quarterly; last reviewed May 13, 2026.

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