Help fund your snowbird lifestyle by unlocking the equity in your home!
CHIP Solutions from HomeEquity Bank provide snowbirds with tax-smart solutions to access funds while maintaining the ability to live in your home.
Snowbird Advisor has partnered with HomeEquity Bank to provide our members with exclusive offers when they obtain a CHIP Reverse Mortgage1.
CHIP Solutions are a tax-smart solution to fund your snowbird lifestyle and more by unlocking the equity in your home while maintaining the ability to stay in your home.
The CHIP Reverse Mortgage by HomeEquity Bank can be an ideal solution for homeowners to help fund their retirement and snowbird lifestyle.
CHIP Solutions can offer advantages over alternative sources of accessing funds, such as traditional mortgages, HELOCs and selling your investments.
Some of the benefits of the CHIP Reverse Mortgage include:
- You can borrow up to 55%1 of the equity in your home, tax-free
- Retain ownership of your home - stay in the home you own and love and age in place, free of worry
- No income requirements to qualify
- No monthly payments, no renewals, and no re-qualification
Here are just a few of the common uses for funds accessed through a CHIP Reverse Mortgage:
- Purchasing a snowbird vacation property and covering ongoing maintenance expenses
- Renting accommodations in snowbird destinations over the winter
- Covering other travel and living expenses related to your snowbird lifestyle
- Renovating and adding value to your primary or vacation homes
- Providing your family with gifts and experiences
- Giving your family members a living inheritance, such as a down payment on a home
- Preserving other valued investments and creating a reserve for unplanned medical expense
Through Snowbird Advisor's partnership with HomeEquity Bank, Snowbird Advisor members are eligible for the following exclusive offers:
Every Snowbird Advisor member who inquires about a CHIP Reverse Mortgage and completes a CHIP quote for their home can receive a free copy of the book "Home Run: The Reverse Mortgage Advantage".
This informative book provides tips and insights about reverse mortgages, the overall industry, demographics regarding aging Canadians, and more. Ask the HomeEquity Bank representative for this book when you speak to them about your quote.
PLUS, Snowbird Advisor members who obtain a CHIP Reverse Mortgage can choose between one of the following two offers+:
$250 - $500 credit towards your mortgage fee*
OR
$250 - $500 CAD Apple gift card**
IMPORTANT NOTE:
To be eligible for the offers above, you must inquire through one of the following channels:
- The Free Estimate Contact Form below on this page, or
- By phone at 1-855-460-7261.
+Offers only available for mortgages with an initial funding amount of $50,000 or more
*Credit amount is based on the initial funding amount of the mortgage: $250 credit for mortgages with an initial funding amount of $50,000 - $100,000 and $500 credit for mortgages with an initial funding amount of over $100,000.
**Gift card amount is based on the initial funding amount of the mortgage: $250 for mortgages with an initial funding amount of $50,000 - $100,000 and $500 for mortgages with an initial funding amount of over $100,000.
How Much Equity Can You Access?
Discover how much home equity you can access.
Call 1-855-460-7261 or fill in the following no-obligation form and a HomeEquity Bank representative will contact you within two business days:
What is a reverse mortgage?
What is a reverse mortgage?
A reverse mortgage is a loan secured against the title of your home based on its appraised value. It is designed exclusively for Canadian homeowners aged 55 years and older. It enables you to convert up to 55% of your home’s value into tax-free cash, while staying in your home you own.
You don’t have to make any regular mortgage payments or pay back the loan until you move or sell.
The amount you qualify for will depend on factors such as your age, the appraised value of your home, its location, and the type of home.
Who is eligible for the CHIP Reverse Mortgage?
Who is eligible for the CHIP Reverse Mortgage?
Individuals who meet the following criteria are eligible:
- Canadian homeowner
- Borrower(s) must be 55+
- The home must be the primary residence
Will the Bank own the home under a CHIP Reverse Mortgage?
Will the Bank own the home under a CHIP Reverse Mortgage?
No. The homeowner always maintains title ownership and control of their home.
HomeEquity Bank simply has a first mortgage charge on the title, like any conventional Canadian mortgage.
Can the Bank force the homeowner to sell or foreclose at any time?
Can the Bank force the homeowner to sell or foreclose at any time?
A reverse mortgage is potentially a lifetime solution and as long as the client abides by their mortgage obligations/promises, the loan won’t be called even if the house decreases in value.
Obligations include paying property tax and maintaining home insurance.
With a reverse mortgage, will the homeowner owe more than their house is worth?
With a reverse mortgage, will the homeowner owe more than their house is worth?
Clients can qualify for up to 55%1 of their home’s appraised value, and with HomeEquity Bank, every reverse mortgage comes with a No Negative Equity Guarantee2, which means that the amount a client is required to pay on the due date (excluding some items) will not be more than the fair market value of their home.
Is a reverse mortgage a better option than a home equity line of credit (HELOC)?
Is a reverse mortgage a better option than a home equity line of credit (HELOC)?
Clients should always explore all their options before making a decision.
A reverse mortgage is a long-term financial solution3 that doesn’t require any monthly payments and provides the ability to prolong and retain retirement savings.
HELOCs, on the other hand, are a good short-term borrowing option for people with a high declared income and wish to pay ongoing monthly interest on their loan balance or pay their HELOC back in the near future.
Is a reverse mortgage a last-resort solution?
Is a reverse mortgage a last-resort solution?
No. Many Canadians choose reverse mortgages over other methods of accessing capital, such as traditional mortgages, HELOCs and cashing in investments.
A reverse mortgage frees up tax-free equity that is tied up in the value of a home and can allow the borrowers to enjoy their retirement on their terms.
This includes higher-income Canadians who can defer cashing in investments and could benefit from the tax-free cash a CHIP Reverse Mortgage provides.
Can homeowner(s) still get a reverse mortgage if they have an existing mortgage?
Can homeowner(s) still get a reverse mortgage if they have an existing mortgage?
A reverse mortgage can be used to consolidate existing debt, eliminate monthly debt payments, and provide financial security.
If a client has an existing mortgage, it must be paid off first with the CHIP Reverse Mortgage proceeds, and the remainder of the proceeds can be accessed by the client as cash.
Am I better off to downsize to generate cash needed for my retirement?
Am I better off to downsize to generate cash needed for my retirement?
In contrast to downsizing, the CHIP reverse mortgage helps Canadian homeowners 55+ keep their valuable principal residence and its full appreciation potential in the future.
Downsizing often generates significant financial and emotional costs for families and reduces the potential for gains on a smaller, less valuable downsized home.
Will I need a lawyer if I get a reverse mortgage?
Will I need a lawyer if I get a reverse mortgage?
Yes. Once you qualify and are approved for a CHIP Reverse Mortgage, the final stage requires a meeting with a lawyer of your choosing to receive independent legal advice.
Important Notes:
1 Snowbird Advisor and HomeEquity Bank are not related entities, and any inquiries or dealings related to mortgages shall be directly between HomeEquity Bank and individuals interested in obtaining such mortgages. Snowbird Advisor will not receive, collect or share any personal information from individuals related to Mortgage inquiries and all such inquiries shall be made directly by individuals to HomeEquity via a dedicated phone number and/or online form(s), and all related information shall be provided directly to HomeEquity Bank. Snowbird Advisor may receive a fee or other remuneration from HomeEquity Bank, whether directly or indirectly for making a referral.
1Some conditions apply.
2As long as clients maintain their property, pay their property taxes and property insurance, and their property is not in default. The guarantee excludes administrative expenses and interest accumulated after the due date.
3Excluding CHIP Open.
