003: Unexpected Home Costs? Bob Dubask Tells Us How A Reverse Mortgage Can Help

Tanya Appel talks with Bob Dubask,  a business development manager at HomEquity Bank with 5 decades of experience. Bob talks about CHIP reverse mortgages, and how they can help senior citizens deal with unexpected costs.


What is a reverse mortgage?

  • A loan secured against your home with zero payments.
  • No traditional qualifying you simply have to be able to pay property taxes and fire insurance.
  • 5 year interest rate as of today is at 4.99%, variable rate is prime + 2.25 at 4.95%.

Frequently asked questions

  • Do you lose your title of ownership? No, the title stays with the homeowner the whole time.
  • Are these mortgages the same as the ones in the US? No, we they are regulated the same as any Canadian Bank.
  • Do I lose my equity? No, 99% of cases keep over half their equity.

Who is this for?

  • Seniors over the age of 55.
  • Both spouses need to be 55+.
  • Seniors looking to upgrade their home.
  • Someone in need of additional funds.

Different products

  • CHIP Reverse Mortgage: Helps pay debt or cover unexpected costs.
  • Income Advantage: For homeowners 55+ who have little to no debt, and are looking for more cash flow.


  • Appraisal fee (flat $300).
  • Independent legal advice.
  • Home equity fee ($0-$1495).

How does this help realtors?

  • Encourages seniors to renovate their homes.
  • Helps seniors move.
  • The realtor gets a listing and sale.

How do I get one of these products?

  • Call your realtor. They will get in touch with a mortgage broker who will book a no obligation meeting with HomEquity Bank.


Contact Bob Dubask