HomeEquity Bank has announced a partnership with the Royal Canadian Legion to give veterans better access to the bank’s reverse mortgage offerings.
The CHIP Reverse Mortgage is a loan secured against the value of a home, but unlike a conventional mortgage, it does not require regular mortgage payments. Instead, the loan is only repaid when owners decide to move or sell the home. Legion members aged 55 and above can access up to 55% of the value of their home, tax-free, without having to pay it back until they choose to move or sell.
Read more: HomeEquity Bank’s 2018 reverse mortgage originations exceed $750M
"We believe in supporting our Canadian Veterans who selflessly served,” said Steven Ranson, president and CEO at HomeEquity Bank. “Enabling Canadians to live the retirement they worked hard for and deserve is part of our core values at HomeEquity Bank, which is why we are very excited about this partnership. We look forward to providing Legion members with the opportunity to retire the way they want and in the home they love.”
"We are happy to join HomeEquity Bank to offer Legion members an option to help support their retirement and make life more comfortable," said Thomas Irvine, dominion president of the Royal Canadian Legion.