Canada’s largest reverse mortgage lender, HomEquity Bank announced that it has significantly reduced its variable rate on CHIP Home Income Plans to 3.75%, signaling a transformative change in the acceptance of reverse mortgages as a viable tool within the financial solutions landscape said a company statement.
The significantly lower cost of borrowing gives today’s cost-conscious seniors more flexibility in how their home equity can be used to enhance their retirement lifestyles.
"Canada’s seniors market is the fastest growing segment of the population and we have a proven track record of providing innovative solutions to meet seniors’ financial needs," said Greg Bandler, Senior Vice President, HomEquity Bank. "Our dramatically lower rate of 3.75% builds on our commitment of putting stable long-term borrowing within the reach of Canadian seniors."
Reverse mortgages are designed for Canadians 60 years and older who wish to tap into the equity built up in their homes.
HomEquity Bank also offers a discount program that further reduces the interest rate on a CHIP Home Income Plan to as low as 3.25% to customers who pay their full interest annually.