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The platform, known as Custom Solutions, streamlines the use of the bank\u2019s CHIP Reverse Mortgage specifically for gifting funds.<\/p>\n
It includes a dedicated support team and branded tools designed to guide homeowners, brokers, and advisors through what the bank calls a \u201cliving legacy\u201d transfer, helping parents give meaningfully without taking on undue financial risk.<\/p>\n
First-time home ownership remains an elusive goal for many younger Canadians. While the causes are complex, today\u2019s market is dramatically different from that faced by previous generations.<\/p>\n
According to a 2024 Scotiabank-Maru Public Opinion survey, over half of millennials and gen Z respondents said they feel homeownership is out of reach. Still, 58% said they hope to purchase a home within the next five years.<\/p>\n
First-time buyers are also increasingly relying on help from family. According to CMHC\u2019s 2025 Mortgage Consumer Survey, 41% of first-time buyers used a gift or inheritance to cover mortgage costs, up from 30% the year before. Those gifts averaged nearly $80,000, according to the survey.<\/p>\n
But while many parents want to support their children, few have that kind of cash available. For some, unlocking equity from their own homes is the only way to provide such a gift.<\/strong><\/p>\n \u201cIn the past year, we have seen a 15.5% increase in customers using home equity funds for gifting purposes,\u201d said Carola Corti, Chief Value Propositions and Product Officer at HomeEquity Bank.\u00a0\u00a0<\/p>\n While the CHIP Reverse Mortgage remains the financial backbone of the program, the Custom Solutions platform introduces new infrastructure to support its specific use case: gifting.<\/p>\n The service offers a dedicated digital experience and personalized guidance to help homeowners and their advisors understand the implications of using home equity to assist the next generation.<\/p>\n \u201cWe\u2019ve created a journey, personalized for this growing demand, where every client and partner is supported by a dedicated Specialist,\u201d Carola Corti, Chief Value Propositions and Product officer at HomeEquity Bank, told Canadian Mortgage Trends<\/em>. \u201cThese Specialists guide advisors, brokers and realtors\u2014and their clients\u2014through the gifting process, ensuring clarity and support at every step.\u201d\u00a0<\/p>\n The CHIP Reverse Mortgage allows eligible homeowners to access up to 55% of their home value without requiring monthly mortgage payments. The loan is repaid when the homeowner sells, moves, or passes away, and includes a No Negative Equity Guarantee\u2014meaning the amount owed will never exceed the home\u2019s fair market value at sale, provided all mortgage conditions are met.<\/p>\n \u201cThis custom solution is built around the concept of the living legacy,\u201d Corti added. \u201cThis framework helps advisors and brokers frame gifting not just as financial planning but as a meaningful, inter-generational wealth transfer.\u201d\u00a0<\/p>\n Since February, HomeEquity Bank says it has seen increased interest from mortgage brokers, financial advisors and realtors who are working with clients looking to support adult children or grandchildren in entering the housing market.<\/p>\n With affordability challenges expected to persist, HomeEquity Bank says demand for inter-generational gifting is set to grow, and that its new Custom Solution platform is designed to support that growing need.<\/p>\n Visited 28 times, 28 visit(s) today<\/p>\n Carola Corti CHIP reverse mortgage gifting down payments HomeEquity Bank HomeEquity Bank CHIP HomeEquity Bank reverse mortgage reverse mortgage<\/p>\n Last modified: July 8, 2025<\/p>\n<\/p><\/div>\nA solution built for purpose-driven wealth transfer<\/h2>\n
Brokers are taking note<\/h2>\n