About Income Advantage

Income Advantage Synopsis 

Review Summary: Income Advantage is a reverse mortgage product sold by HomeEquity Bank in Canada. It is available in 10 provinces. Income Advantage gives homeowners who are 55 years of age or older the option to increase their monthly cash flow. It begins with a $20,000 advance of cash and monthly or quarterly installments of cash after that.  

Recommended for: This product is a good option for senior homeowners who need a way to supplement their income.  

Income Advantage Reviews

HomeEquity Bank Overview 

Income Advantage is a reverse mortgage product for Canadians sold by HomeEquity Bank based out of Toronto, Ontario.  

To qualify for the Income Advantage loan, homeowners must be 55 years of age or older, own their home, and it must be their primary residence.  

The Income Advantage loan allows homeowners to access up to 55% of their home’s value.  

Borrowers receive an initial advance of $20,000. Funds are then dispersed at $1,000 per month or $3,000 per quarter. The amounts can be increased, depending on the needs of the borrower.  

HomeEquity Bank also sells the CHIP Reverse Mortgage for homeowners over 55 years of age who are looking for an infusion of cash.

Income Advantage Loan Application Process 

Here is what you can expect when applying for the Income Advantage loan:  

• 1. Get a free estimate. A free estimate can be obtained online through the HomeEquity Bank website.  
• 2. Initial phone meeting. In this step, you will speak with a reverse mortgage specialist who will help you understand how much equity you will qualify for.  
• 3. Home appraisal. The home appraisal will determine the actual amount of equity you have in your home.  
• 4. Qualification amount. Once the qualifying amount is determined, you can select how you want to receive the money.  
• 5. Legal process. You will need to obtain independent legal counsel, which is for your protection. 

HomeEquity Bank Information 

HomeEquity Bank, established in 1986, is based in Toronto, Ontario. It is a Schedule 1 Canadian Bank and the only Canadian bank that sells reverse mortgages.  

HomeEquity Bank is a member of the Canadian Bankers Association. It is recommended by the Canadian Association for Retired Persons (CARP), an advocacy group for retirees. The Royal Canadian Legion endorses it.  

HomeEquity Bank was acquired by the Ontario Teachers’ Pension Plan Board in July 2022.  

Provinces Serviced by HomeEquity Bank  

HomeEquity Bank is available in the following provinces: 

• Alberta 
• British Columbia 
• Manitoba 
• New Brunswick 
• Newfoundland and Labrador 
• Nova Scotia 
• Ontario 
• Prince Edward Island 
• Quebec 
• Saskatchewan 

Office Locations 

• Toronto, Ontario 
• Vancouver, British Columbia 
• Montreal, Quebec 

This information is intended to be general and educational in nature and should not be construed as financial advice. Consult your financial advisor before implementing financial strategies for your retirement. 

Reviews last updated: 10/14/24. (Reviews are typically updated monthly.)

Rating last updated: 8/5/24. (Ratings are typically updated once per quarter.)