A CHIP (Canadian Home Income Plan) Mortgage™ is just one reverse mortgage product in Canada, offered by HomeEquity Bank. If you’re researching a CHIP Reverse Mortgage™ in Canada, you’re likely exploring ways to access your home equity while staying in your home. CHIP™ is one option, but it isn’t the only one available for Canadians!

At Legacy Unlocked, we help homeowners in Alberta and British Columbia understand how a HomeEquity Bank CHIP Reverse Mortgage™ works, how it compares to other options, and what reverse mortgage product may be best for you.

CHIP Reverse Mortgage™ vs. Other Reverse Mortgage Options in Alberta and BC

Not all reverse mortgages are the same. That’s why understanding the fine print (and your other options!) is important. CHIP™ may be a fit for some homeowners, but depending on your goals, other solutions may also be worth exploring.

CHIP Reverse Mortgage™

• Offered by a single lender (HomeEquity Bank)

• Just one product with a singular rate, loan structure, and eligibility criteria

• Often used by homeowners planning to stay in their home long-term

Other Reverse Mortgage Products

• Offered by different Canadian lenders

• Various products can have different rates, loan structures or eligibility criteria

• Can vary in how interest accrues or how funds are accessed

Other Home Equity Alternatives

Depending on your situation, alternatives may include:

• Refinancing your existing mortgage

• Home equity lines of credit (HELOCs)

• Downsizing or selling and repurchasing

• Blended or short-term equity solutions

Each option comes with its own benefits, risks, and long-term considerations. When you work with a mortgage broker at Legacy Unlocked, we can evaluate your situation and help you decide what the best solution is for your unique situation.

Why Exploring Reverse Mortgage Alternatives Matters

Reverse mortgages are long-term financial decisions. Choosing a product before understanding all your options can limit flexibility later.

Comparing a CHIP Reverse Mortgage™ with other reverser mortgages alternatives in Canada helps you:

• Understand how interest may accumulate over time

• Get the best rate, leaving more valuable equity in your home to pass onto your children

• Consider how each option may affect your estate

• Match a product to your actual goals, not just what’s advertised

• Avoid committing to a structure that doesn’t fit your plans

This is where independent guidance becomes valuable!

Why Work With a Mortgage Broker?

When you sign up for a CHIP Reverse Mortgage™, you’re choosing to work with one financial institution and accepting their terms, regardless of if they truly work best for your situation. However, unlike a single lender, an independent reverse mortgage advisor can help you compare CHIP™ with other options.

At Legacy Unlocked, we:

• Explain CHIP™ and other reverse mortgage options in plain language

• Compare solutions across multiple lenders

• Walk through pros, considerations, and long-term implications of each option

• Help you involve family members in the conversation

• Support decisions at your pace, without pressure

As mortgage brokers, our role is not to shoehorn a single reverse mortgage option to fit your situation. Our role is to help you find the reverse mortgage that best works for your needs!