At GoodStory, we’re always looking for ways to bring valuable knowledge to our clients, and we were lucky enough to recently host Petula Pinto from HomeEquity Bank for an informative presentation. Petula walked us through the many options they offer for homeowners 55+ who want to make the most of the equity in their homes. Here’s a quick overview of what we learned:
CHIP Reverse Mortgage: This option allows you to unlock up to 55% of your home’s value as a tax-free lump sum. Homeowners often use it for major expenses, a down payment on another property, or even purchasing a new home—without having to sell the place they live in.
Income Advantage: Think of this as a steady stream of income. In addition to a one-time lump sum, you can receive monthly deposits that help cover everyday living costs. It’s a way to increase cash flow, support your lifestyle, and protect investments by not drawing them down too quickly.
CHIP Max: Designed for homeowners ages 55–75, this option lets you access a larger portion of your home’s equity. It can be especially useful for avoiding high-interest debt or additional mortgages while maintaining the lifestyle you’ve built.
CHIP Open: A flexible, short-term solution. While it comes with higher rates and fees upfront, it doesn’t include prepayment penalties. This makes it ideal for temporary needs like bridge financing, before transitioning to a longer-term product if needed.
We also addressed some of the most common questions and concerns. The key takeaway is that you always remain the owner of your home—HomeEquity Bank simply places a first mortgage on the title. Their products are lifetime solutions, so the loan won’t be called as long as taxes, insurance, and home maintenance are up to date. Plus, every reverse mortgage comes with a No Negative Equity Guarantee, meaning you’ll never owe more than your home is worth.
While this type of product won’t suit everyone, it can be an excellent option for some clients in specific situations. At GoodStory, we pride ourselves on staying creative and presenting every option possible to support our clients’ goals. And it’s worth noting—reverse mortgages in Canada are very different from those in the United States. Here, strong regulations are in place to protect consumers, giving homeowners peace of mind when exploring these solutions.
If this sounds like it might be of interest to you, or if you have more questions, we encourage you to check out the HomeEquity Bank!
https://www.chip.ca/how-reverse-mortgage-works/
Overall, it was a great session that shed light on how reverse mortgages can be a smart tool for homeowners looking to unlock flexibility, boost income, and maintain their lifestyle in retirement.
