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Benefits of the Income Advantage Mortgage Product
Stay In The Home You Love
Enjoy the security and comfort of staying in the home you love while unlocking its equity through a retirement income stream.
Tax-Free Withdrawals
Funds you receive from our Income Advantage mortgage product are not considered income, meaning it won’t impact your Old Age Security (OAS) or Canada Pension Plan (CPP) benefits.
Retirement Cashflow
Use your funds to do things like: pay off debt, take your dream vacation, or cover your regular expenses.
Compare your options
| IncomeAdvantageTM | HELOC / LOC | |
| Qualification | Primarily based on age and home value | Primarily based on income and credit score |
| Monthly Payments |  |  |
| Income Requirements | No Minimum Requirements | Proof of stable income and good credit score |
| Repay only when you move or sell | | (Regular payments required) |
How it works
Qualify
Choose disbursement
Choose how much, and how frequently you would like to receive your regular income stream*.
The minimum amount you will need to initially borrow is $20,000.
*Subject to minimum disbursement amounts and subject to other terms and conditions.
Receive tax-free income
Enjoy your retirement
Real stories, real needs
We all know retirement brings changes, but it doesn’t have to bring worry. Here are a few examples of how others have used their home equity to support their retirement goals and maintain peace of mind.
Everyday Expenses
Jan
In July-August last year (2024) I decided that my situation lent itself very well to engaging in a reverse mortgage.
A major benefit from this transaction was the resolution of my debt, especially at a time when interest rates were punishing. I also realized a significant addition to my monthly income.
I am, half a year later, still very content with the arrangement. My debts are gone, my already comfortable income is furthered by the addition of regular mortgage advance payments.
Investments
Fred Rahm
Expert guidance in selecting a reverse mortgage.
Our CHIP agents were extremely helpful, professional and responded quickly to all our questions. They worked hard to get us the correct package for our needs and kept us appraised of the progress. They made the process simple and pleasurable. Thanks to them our cash flow is now at a level where I know we will have a comfortable retirement. Very happy with their product and the excellent service.
Medical Costs
Pam Waugh
Health issues affected our income.
My husband and I had to leave our employment earlier than anticipated due to declining health and this is the stop gap we needed to make our retirement less stressful financially.
Assisted Living
Tony Serio
A brilliant journey to obtain peace of mind.
Life at times throws you curve balls and one feels helpless without a bat. This was the situation for my mother. My father passed away unexpectedly and she still wanted to enjoy the comforts of the home she has been living in for close to 40 years without the financial burden.
Frequently asked questions
What if the value of my home decreases?
If your home depreciates in value, HomeEquity Bank’s No Negative Equity Guarantee, ensures you will never owe more than the fair market value of your home.1
1 The guarantee is subject to certain terms and conditions. Some exclusions apply.
Will I still own my home?
Yes, of course. As long as you comply with the terms and conditions of your loan, with Income Advantage you maintain complete ownership of your home! We will not force you to move from your home.
Do I need to make monthly mortgage repayments?
You are not required to make any regular mortgage payments to your Income Advantage mortgage.
You are required to abide by your mortgage loan terms and conditions, such as, ensuring that your property taxes are kept up-to-date and you maintain adequate homeowners’ insurance coverage.
How does repayment of Income Advantage work?
If you choose to, you can make partial payments or repay your mortgage in full at any time, however, you may be subject to a prepayment charge.
The good news is potential prepayment charges can be avoided or reduced by taking advantage of prepayment privileges.
If you decide to sell your home, the loan can be repaid from the proceeds of the sale. After the loan is repaid, all remaining money from the sale belongs to you and your estate.
Is there a minimum property value for an Income Advantage loan?
To qualify for an Income Advantage loan, you must have an appraised property value of at least $250,000.
Preserve your home equity
You could save of home equity over 10 years
10 year scenario comparison for a $1,000,000 home with current interest rates.
IncomeAdvantageTM
Traditional Reverse Mortgage
| Income Advantage | Reverse Mortgage | |
|---|---|---|
| Remaining Home Equity | $2222 | $2222 |
| Interest | 2.99% | 2.99% |
| Reverse Mortgage | $2222 | $2222 |
| Additional Monthly Cashflow | $1,000 | $0 |
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