Unlock the value in your home

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1 CHIP Reverse Mortgage Unlock the value in your home A guide to reverse mortgages

2 2 Dear Homeowner, When most of us dream of retirement, we imagine ourselves in our homes sharing a meal with family, or just relaxing in a comfortable spot. But retirement can also bring financial strain. Seniors often face the challenge of managing with less cashflow than they anticipated or coping with unforeseen expenses. We understand. We re HomEquity Bank, the only bank dedicated to empowering older Canadian homeowners with smart, simple ways to use the value of their homes during retirement. For over 25 years, the Canadian Home Income Plan (CHIP), our reverse mortgage solution, has helped thousands of older homeowners enjoy more financial flexibility without having to sell or move. This brochure will help you explore how a CHIP Reverse Mortgage works and the many benefits it offers. If you feel your home isn t just something that belongs to you, but somewhere you belong, CHIP might be the solution you ve been looking for. Steven Ranson President and Chief Executive Officer

3 3 What is a reverse mortgage? A reverse mortgage is a way for people 55 or older to turn up to 50% * of the equity in their home into tax-free cash. It s a loan secured against the value of the home, but unlike a traditional home equity line of credit or a conventional mortgage it does not require monthly payments for as long as you live in your home. There are no credit checks or income requirements and you maintain ownership and control of your home. Your obligations You are required to pay your property taxes, home insurance and keep your property well maintained. * some conditions apply

4 4 Benefit from your investment You ve worked hard to own your home. Now get your home working for you: Pay off debts Renovate or make your home more accessible Handle unexpected expenses Help your children or grandchildren Improve your day-to-day standard of living Make a special trip or purchase

5 5 The CHIP difference Get up to 50% * of the value of your home Stay in your home Maintain full ownership and control No payments required unless you choose to move or sell Receive the money tax-free * some conditions apply

6 6 How do I qualify? CHIP is designed exclusively for Canadian homeowners 55+. Here are the eligibility requirements that apply: You and your spouse are both 55+ Your home is your principal residence Any loans secured by your home (e.g. mortgage or home equity line of credit) must be less than funds available from CHIP We don t ask for any income or health information. No credit check is required. Call Toll Free To Talk To Us

7 7 How CHIP works When you are ready to proceed, we re here to help. Below we have detailed all the steps required: Contact HomEquity Bank to request information on a CHIP Reverse Mortgage Arrange a phone call with a CHIP Mortgage Specialist to discuss your needs and your particular situation If you decide to proceed, we ll help you arrange for an independent appraisal of your home Once the appraisal has been received, we ll help you complete an application, confirm the exact amount of money you qualify for and answer any questions you may still have Before you make a commitment, we require you to seek legal advice from an independent lawyer of your choice You will receive your money Or Visit Us Online at

8 8 Q&A Some questions we re often asked about CHIP How much money can I get? The amount you are eligible to receive depends on your age, age of your spouse, your home value, type of property and location of your home. Are there any income or credit requirements? No, because you don t make monthly payments, a CHIP Reverse Mortgage doesn t require income verification or credit checks. Do I have to make any payments? No, there are no payments required until you move or sell your home. Can I lose my home? You will remain the owner of your home. We will never ask you to move or sell. You and/or your spouse can stay in your home as long as you wish, provided you: pay your property taxes, home insurance and keep your property well maintained.

9 9 Do I keep the equity left in the home? In our many years of experience, over 99% of homeowners have money left over when their CHIP Reverse Mortgage is repaid. And on average, the amount left over is more than 50% of the value of the home. The reasons for this remaining equity are: The conservative limit (up to 50%*) we put on the amount that is made available to you; The fact that most homes continue to grow in value. Will my government benefits be affected? No, CHIP will not affect any government benefits you may receive, such as Old Age Security (OAS), Canada Pension Plan (CPP), or Guaranteed Income Supplement (GIS). What if I have a mortgage already? We will first pay off your existing mortgage and then give you the remaining proceeds. * some conditions apply

10 10 Karen s story: Relief after unforeseen costs My husband and I worked hard all our lives and prepared for retirement as well as we could. But after his stroke, we had unexpected costs, including renovations to make our home more accessible. We fell behind on bills and the mortgage. We worried that if we didn t find a way to catch up, we could end up losing the house. Our financial advisor told us CHIP could help us pay off our debts get back on track and most importantly, that it would eliminate the risk of foreclosure. The peace of mind we gained with CHIP is hard to describe. 94% of CHIP clients would recommend it

11 11 The CHIP difference Eliminate risk of losing home Gain control and peace of mind No payments unless you choose to move or sell

12 12 Bill & Linda s story: Renovations gone right It s been nearly 35 years, but we still remember the day we bought our house. It was so empty, we joked the only way we could fill this space would be to have another child or perhaps buy a dog. Over the years, though, our three children did more than just fill the space they turned our house into our home. But the wear and tear of a home well-lived now meant we had a few major repairs to address. We also wanted to upgrade our kitchen so there would be room for our children, and all of our grandchildren, to celebrate birthdays, holidays and more together. CHIP gave us tax-free access to the money we d invested in our home years ago. We were able to tackle all of the big projects, and many of the smaller ones as well. Our home feels completely refreshed! CHIP gave us the freedom to renovate, and our home is as full as its ever been just the way we like it. Over 25 years in business... and counting

13 13 The CHIP difference Money when you need it Spend however you wish Tax-free

14 14 Client testimonials SANDY & CHRISTOPHER M. CHIP is a way to take advantage of the equity that you have in your home and use it for whatever purpose you want. If you sell your home you re gonna be living off the proceeds and what you re doing now is not selling your home and living off the proceeds. EDWARD F. If it wasn t for CHIP, we would have had to sell our home. JAMES B. home you re gonna be living

15 15 DONALD & EMILY S. It s a safe way of getting some equity in your home freed up for use by people who are no longer on salaried income. Dealing with CHIP Home Income Plan was amazingly simple. I would recommend the CHIP program to anybody. JAN & JOHN M.

16 A more comfortable retirement on your terms, in your home. We can help. Contact us to learn more or request a free estimate with no commitment You can trust our expert bank staff to: Listen carefully Offer useful information and ideas Respect your circumstances Protect your privacy Speak clearly Never apply pressure TM Trademarks of HomEquity Bank. Registered trade-mark of HomEquity Bank. CLE-120 (0215)

17 CHIP REVERSE MORTGAGE RATE SHEET EFFECTIVE OCTOBER 13, 2015 Interest Rates and Closing Costs The following is a summary of the current CHIP Reverse Mortgage interest rates and terms. Term Interest Rate Annual Percentage Rate (APR) 1 Closing, and Administrative Costs Options to Receive the Money Single lump-sum: 100% of funds the homeowner is approved for. Initial lump-sum with Subsequent Advances: homeowner takes less than 100% of approved funds initially and sets aside the rest. The minimum initial advance is $25,000. Setup Costs 6 month 5.09% 5.29% $1,495 1 year 4.99% 5.19% $1,495 3 year % 5.07% $995 5 year 5.49% 5.62% $995 4 Variable % 5.15% $1, APR is the estimated cost of borrowing for 5 years expressed as an annual percentage. It is based on a mortgage of $150,000 and includes the applicable closing costs. 2. The 3 year promotional rate applies to new clients only. Application must be received by November 30, 2015 and mortgage closed by December 31, Reset rate is 5.24% (as of October 13, 2015). 3. Variable refers to the HomEquity Bank Prime Rate plus a fixed spread of 2.25%. The fixed spread is guaranteed for 5 years. 4. Closing fee will be waived when the initial advance is greater than $150,000. Independent home appraisal Fees typically range from $175 to $400, depending on the province and whether it s an urban or rural property. Independent legal advice is required Fees typically range from $300 to $600. Paid by the client or from mortgage proceeds. At homeowner s request, HomEquity Bank can provide clients with a list of legal advisors in their area who are familiar with CHIP. Closing and administrative costs Costs will be deducted from mortgage proceeds. Includes title search, title insurance, and mortgage registration. Costs vary depending on the interest rate or term chosen. Prepayment No regular payments of principal or interest are required as long as the homeowner lives in the home. Should the homeowner choose to make payments earlier, no prepayment charge applies: On regular interest payments of a fixed amount by automatic withdrawal On a single prepayment up to 10% of the outstanding principal and interest made within 30 days following each anniversary date After 5 years, on payments made within 30 days following an interest rate reset date Interest Rate Options If the homeowner selects a fixed rate, it can be switched to a different fixed rate or to the variable rate during or at the end of the interest rate term. An interest rate differential may be applicable if switching during the current interest term. If the variable rate is selected, it can be switched to a fixed rate at any time. Other legal costs may apply if additional legal work is required (eg. title issues). The information listed in this Rate Sheet is subject to change without notice. The most current information is available at CHIP is a product of HomEquity Bank. TM Trademark of HomEquity Bank.

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