CHIP Reverse Mortgage
CHIP Reverse Mortgage (HomeEquity Bank) is a federally regulated Schedule 1 Canadian bank that originates and services reverse mortgages for Canadian homeowners aged 55+ across all ten provinces, offering tax-free access to up to 55% of home equity with no monthly payments. It has been owned by Ontario Teachers' Pension Plan since 2022.
- Company typePrivate
- Founded1986
- HeadquartersToronto, Canada
- Headcount101–250
- GTM typeB2C
- OfferingServices
What CHIP Reverse Mortgage does
CHIP Reverse Mortgage is the consumer brand of HomeEquity Bank, a federally regulated Schedule 1 Canadian bank that originates and services reverse mortgages for Canadian homeowners aged 55 and older. Founded in 1986 in Vancouver as the Canadian Home Income Plan, the company operates across all 10 Canadian provinces (excluding the territories) and has helped tens of thousands of retirees access home equity without selling or moving. Since 2022 it has been owned by the Ontario Teachers' Pension Plan, following a prior 2012–2022 period under Birch Hill Equity Partners and an earlier 2002–2009 history as a TSX-listed income trust (HEQ.UN).
The core product lets borrowers convert up to 55% of their home's appraised value into tax-free cash with no monthly mortgage payments; the loan is non-recourse under a No Negative Equity Guarantee and is repaid when the borrower moves, sells, or passes away. The portfolio comprises four variants — flagship CHIP Reverse Mortgage, Income Advantage (scheduled monthly/quarterly advances), CHIP Max (higher initial equity access), and CHIP Open (short-term bridge financing with no prepayment penalties) — complemented by digital tools including a Reverse Mortgage Calculator, a Home Equity Calculator, and a Financial Wellbeing Scale. Distribution is fully direct-to-consumer and remote: a national toll-free line staffed by reverse mortgage specialists, the chip.ca digital application and e-signature flow, plus referral partnerships with CARP and the Royal Canadian Legion.
Revenue is generated primarily through interest accruing on reverse mortgage balances (variable rate HomeEquity Bank Prime + 2.66%, or 1/3/5-year fixed terms at 6.64%–6.99% as of October 2025), supplemented by a $1,795 closing fee per origination and pass-through appraisal and legal fees. Customer acquisition relies on a multi-channel marketing mix spanning TV, online video, digital, social, out-of-home, and radio (including a March 2026 integrated brand campaign via Lifelong Crush), content marketing through a 280+ article resource center, celebrity endorsement by figure skater Kurt Browning, and earned media via Chief Financial Commentator Pattie Lovett-Reid. The bank's balance sheet is funded in part through HomeEquity Bank Note issuances, with approximately $130M–$162M raised annually between 2024 and 2026.
CHIP Reverse Mortgage firmographics
Firmographics- Name
- CHIP Reverse Mortgage
- Legal name
- HomeEquity Bank
- Website
- https://chip.ca
- Company type
- Private
- Founded year
- 1986
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- CHIP Reverse Mortgage (HomeEquity Bank) is a federally regulated Schedule 1 Canadian bank that originates and services reverse mortgages for Canadian homeowners aged 55+ across all ten provinces, offering tax-free access to up to 55% of home equity with no monthly payments. It has been owned by Ontario Teachers' Pension Plan since 2022.
- Ownership category
- akta.pro rank
CHIP Reverse Mortgage industry classification
Industry- Product category
- Reverse Mortgage Lending
- NAICS
- Real Estate Credit (522292), Nondepository Credit Intermediation (5222)
- SIC
- Mortgage Bankers & Loan Correspondents (6162)
- akta.pro primary industry
- Reverse Mortgage Origination (HECM & Proprietary) (FSALAIAA)
- akta.pro secondary industries
- Reverse Mortgage Servicing & Subservicing (FSALAIAC), Reverse Mortgage Valuation, Title & Closing Services (Appraisal/Settlement) (FSALAIAH)
Keywords
Where CHIP Reverse Mortgage is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
CHIP Reverse Mortgage business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Reverse Mortgage Interest: CHIP Reverse Mortgage generates revenue primarily through interest charged on loan balances. Interest rates are available in fixed terms (1-year, 3-year, 5-year) or variable terms tied to the HomeEquity Bank prime rate. As a non-recourse loan requiring no monthly payments, interest accrues over the life of the loan and is repaid when the borrower moves, sells, or passes away.
- Closing and Administrative Fees: HomeEquity Bank charges a closing fee of $1,795 for most clients (covering legal, administrative costs, discharging prior mortgages, and registration of the CHIP Reverse Mortgage). This fee is typically added to the mortgage balance rather than paid out of pocket.
- Appraisal and Legal Fees: Third-party fees for property appraisal and independent legal advice are collected as part of the reverse mortgage closing process.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Pay-as-you-go | Variable Rate Reverse Mortgage — HomeEquity Bank Prime + 2.66% spread (guaranteed for 5 years) |
| Usage-based | Pay-as-you-go | 1-Year Fixed Rate Term — 6.99% |
| Usage-based | Pay-as-you-go | 3-Year Fixed Rate Term — 6.94% |
| Usage-based | Pay-as-you-go | 5-Year Fixed Rate Term — 6.64% |
| Usage-based | Pay-as-you-go | CHIP Max — Higher initial equity access |
| Usage-based | Pay-as-you-go | CHIP Open — Short-term solution with no prepayment penalties |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels11 records
CHIP Reverse Mortgage product offering
Product offeringCore offering
CHIP Reverse Mortgage, operated by HomeEquity Bank (a federally regulated Schedule 1 Canadian Bank), provides Canadian homeowners aged 55+ with reverse mortgage products that allow them to access up to 55% of their home's appraised value as tax-free cash without monthly mortgage payments and without having to sell or move. The product line includes the flagship CHIP Reverse Mortgage plus variants such as Income Advantage (scheduled advances), CHIP Max (higher initial equity access), and CHIP Open (short-term with no prepayment penalties).
Product overview
HomeEquity Bank offers the CHIP Reverse Mortgage product line, Canada's leading reverse mortgage portfolio for homeowners aged 55+. The core CHIP Reverse Mortgage product enables access to up to 55% of home value as tax-free cash with no monthly payments. The portfolio includes three specialized variants: Income Advantage (monthly/quarterly scheduled advances), CHIP Max (higher initial equity access), and CHIP Open (short-term flexible solution). The company also provides complementary digital tools including a Reverse Mortgage Calculator, Home Equity Calculator, Financial Wellbeing Scale, and Product Selector Tool. All products are delivered through a federally regulated Schedule 1 Canadian Bank.
Differentiator
Problem solved
Functional benefit
Brands
- Income Advantage: A reverse mortgage solution that provides monthly or quarterly advances of tax-free cash in addition to a single lump-sum payment for those who want to supplement their regular retirement income.
- CHIP Max
- CHIP Open
Products and services
- CHIP Reverse Mortgage The flagship reverse mortgage product allowing Canadian homeowners aged 55+ to access up to 55% of their home's appraised value in tax-free cash without monthly mortgage payments. The loan is repaid when the homeowner moves, sells, or passes away.
- Income Advantage A reverse mortgage solution providing monthly or quarterly advances of tax-free cash in addition to a single lump-sum payment. Designed for retirees who want to supplement their regular retirement income with scheduled deposits.
- CHIP Max A reverse mortgage designed to provide clients with initial access to a higher percentage of their home equity compared to the standard CHIP Reverse Mortgage. Requires minimum appraised home value of $300,000.
- CHIP Open A short-term reverse mortgage solution with no prepayment penalties for full payments. Allows Canadian homeowners 55+ to convert to the longer-term CHIP Reverse Mortgage if their financial situation changes.
Quantifiable outcome
- On average, CHIP customers retain over 50% of their home's value after loan repayment
- +4 more outcomes
Companies that use CHIP Reverse Mortgage
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
CHIP Reverse Mortgage technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
CHIP Reverse Mortgage partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Lifelong Crush (Agency)coreHomeEquity Bank partnered with creative agency Lifelong Crush to launch a new integrated brand campaign in March 2026. The campaign spans television, online video, social media, digital, out-of-home, and radio, celebrating Canadians 55+ and positioning CHIP Reverse Mortgage as a strategic retirement financial tool.
- CARP (Canadian Association for Retired Persons)coreCARP is a 'Proud Supporter and Partner' of HomeEquity Bank. CHIP Reverse Mortgage is CARP-recommended. CARP members receive information about special offerings and benefits. The partnership leverages CARP's senior member network for referral marketing and brand credibility.
- The Royal Canadian LegioncoreThe Royal Canadian Legion is a 'Proud Supporter and Partner' of HomeEquity Bank. CHIP Reverse Mortgage is Legion-endorsed. Special offerings and benefits are available to Legion members. The partnership provides referral access to the Legion's veteran and senior community.
- MedicalertminorMedicalert is listed as a partner on chip.ca's footer. The partnership appears to be co-marketing to shared senior Canadian demographics.
- Canadian Bankers AssociationminorHomeEquity Bank is a member of the Canadian Bankers Association (CBA). The CBA is the voice of Canada's banks and serves as a regulatory and advocacy association for its member institutions.
- RatesdotcaminorCHIP Reverse Mortgage redirects ineligible prospects (under age 55) to Ratesdotca to receive quotes for alternative financial solutions. This affiliate/referral arrangement directs non-qualifying leads to an alternative mortgage marketplace.
Scale indicators8 records
Recent moves14 records
Expansion highlights6 records
CHIP Reverse Mortgage competitors and assessment
Company assessmentDirect peers
- Reverse Mortgage Funding (RMF): US reverse mortgage originator and servicer offering HECM and proprietary products, including the EquityIQ proprietary reverse mortgage. Comparable to CHIP in product innovation (proprietary reverse mortgage alongside HECM-equivalent), and direct-to-consumer senior marketing approach.
- Longbridge Financial: US-based reverse mortgage lender offering both HECM and proprietary reverse mortgage products with no-recourse structures to homeowners 55+. Comparable to CHIP in product variety (multiple reverse mortgage variants), target age threshold, and emphasis on home equity retention for borrowers and heirs.
- American Advisors Group (AAG): One of the largest US reverse mortgage lenders, exclusively focused on HECM and proprietary reverse mortgage products for homeowners 62+. Directly comparable to CHIP in product category, target demographic (seniors accessing home equity), and non-recourse lending model, though operating in the US regulatory framework rather than Canada's Schedule 1 Bank charter.
- One Reverse Mortgage (Rocket Mortgage): Reverse mortgage brand owned by Rocket Companies, offering HECM and proprietary reverse mortgage products to US seniors. Comparable to CHIP in offering a digital-first reverse mortgage product within a larger banking ecosystem, and competing on brand recognition and digital onboarding.
- Finance of America Reverse (FAR): Subsidiary of Finance of America, one of the largest US reverse mortgage originators and a major HMBS issuer. Comparable to CHIP's origination-plus-servicing model and securitization of reverse mortgage loans into the secondary market; a key US peer in the same product category.
- Mutual of Omaha Mortgage: US reverse mortgage lender offering HECM and proprietary reverse mortgage products as part of a broader insurance/financial services parent. Comparable to CHIP in reverse mortgage product depth, conservative lending approach, and the broader financial services parent (similar to HomeEquity Bank's CDIC-insured bank charter).
- LIBERTY Reverse Mortgage: US-based reverse mortgage lender (a subsidiary of Guild Mortgage) focused on HECM and proprietary products for seniors. Comparable to CHIP in single-category focus on reverse mortgages, multi-product portfolio, and direct-to-consumer distribution model.
Emerging players
- Hometap: US home equity investment company offering an alternative to reverse mortgages by providing cash in exchange for a share of future home appreciation. Comparable to CHIP as a non-debt equity-release product for senior homeowners, representing a competitive alternative rather than a pure reverse mortgage peer.
- Plenti (formerly RateSetter Australia) / Heartland Reverse Mortgages: Heartland Group offers reverse mortgage products to senior homeowners in Australia and New Zealand. Comparable to CHIP as a non-US reverse mortgage lender operating in a similar aging-in-place demographic context, providing a regional template for equity-release products outside the US HECM framework.
Broad incumbents
- Equitable Bank: Canadian Schedule 1 Bank offering a broad range of deposit and lending products including reverse mortgages through EQ Bank. Comparable to HomeEquity Bank as one of the few Canadian Schedule 1 banks offering reverse mortgage products domestically, though as part of a much broader portfolio rather than a reverse-mortgage-only specialist.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights6 records
Customer concentration
CHIP Reverse Mortgage social profiles
Digital presenceCHIP Reverse Mortgage compliance and trust
Trust signalCompliance4 records
CHIP Reverse Mortgage financial estimates
Financial estimateRevenue estimate
Valuation estimate
CHIP Reverse Mortgage leadership team
Management profileNumber of profiles
Profiles3 records
CHIP Reverse Mortgage funding detail
Funding detailFunding overview
Funding rounds4 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CHIP Reverse Mortgage M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CHIP Reverse Mortgage
What does CHIP Reverse Mortgage do?
CHIP Reverse Mortgage, operated by HomeEquity Bank (a federally regulated Schedule 1 Canadian Bank), provides Canadian homeowners aged 55+ with reverse mortgage products that allow them to access up to 55% of their home's appraised value as tax-free cash without monthly mortgage payments and without having to sell or move. The product line includes the flagship CHIP Reverse Mortgage plus variants such as Income Advantage (scheduled advances), CHIP Max (higher initial equity access), and CHIP Open (short-term with no prepayment penalties).
Is CHIP Reverse Mortgage a public or private company?
CHIP Reverse Mortgage is a private company. It is classified as venture growth investor backed and is currently operating.
When was CHIP Reverse Mortgage founded?
CHIP Reverse Mortgage was founded in 1986. It employs 101 to 250 people.
Where is CHIP Reverse Mortgage based?
CHIP Reverse Mortgage is headquartered in Toronto, Canada, in the North America region.
How does CHIP Reverse Mortgage make money?
Three revenue lines are on record. Reverse Mortgage Interest is the primary driver. The others are closing and Administrative Fees and appraisal and Legal Fees.
Who are CHIP Reverse Mortgage's main competitors?
Direct peers on record are Reverse Mortgage Funding (RMF), Longbridge Financial, American Advisors Group (AAG), One Reverse Mortgage (Rocket Mortgage), Finance of America Reverse (FAR), Mutual of Omaha Mortgage and LIBERTY Reverse Mortgage. Emerging players are Hometap and Plenti (formerly RateSetter Australia) / Heartland Reverse Mortgages. Equitable Bank is listed as a broad incumbent.
Does CHIP Reverse Mortgage have an API?
No public API is recorded for CHIP Reverse Mortgage.
What industry is CHIP Reverse Mortgage in?
CHIP Reverse Mortgage's product category is Reverse Mortgage Lending. Its primary akta.pro industry code is FSALAIAA, Reverse Mortgage Origination (HECM & Proprietary), with a secondary code of FSALAIAC, Reverse Mortgage Servicing & Subservicing. Its NAICS code is 522292 and its SIC code is 6162.