HomEquity Bank Reviews

Undervalued home by over $250,000.....made contact difficult....not too professional

Great concept but rates are quite high. After spending your life paying your mortgage, you can loose all your equity very quickly here. Not much will be left for family.

Extremely unreliable and unprofessional
I don t have anything positive to say about them

After a confusing start, which was mainly my own fault because I signed the contract before checking all the details, the staff were helpful in fulfilling my demands. What I wanted was less. What I got was what I wanted. There were some fees involved in changing the contract. Not very much
Why a CHIP mortgage? Because I have had many serious health issues from Leukaemia to blood clots and now cancerous kidney tumours.
I can't travel outside of Canada because I can't get travel insurance and it is not wise to fly inside Canada after the blood clots. So for sure there will be no trips South in the winter. So, instead of flying South my wife and I chose to add a sun room to our house to enjoy the sun in the fall and winter. The cost for the sun room was $30,000, which included a new upgraded deck. The job will be completed in the next couple of weeks
Financially, we have savings and could have used our own credit lines to pay for the sun room and paid less interest.
I chose to use a CHIP mortgage because of my health complications. The fact is I could end up in a nursing home if my health was to fail and my wife would be paying the loan and nursing home fees which would result in a lot of stress.
With the CHIP mortgage, we,so long as my health remains good, can pay back the interest to CHIP. If not, there are more funds available for nursing home fees if they are needed without stressing my wife. In case I die I have sufficient life insurance to pay all the bills.
How is my health? My name is Bob Hardy, the walker runner. I race marathons with my walker. Bucket list. To qualify for the Boston Marathon. See you at The Toronto Waterfront Marathon on October 21st
I don't foresee any health issues stopping me

Very professional execution of our wishes with all the information needed clearly stated. Extraordinarily competent people to deal with.

The person that worked with me , was most helpful. And encouraging. to me . Also vey informetive. Thank you so very much.

I gave a 3 star rating mainly because after we sent in all the documents they asked for, they kept saying "oh we need this, we need that" it was very stressful and took longer than it should have. They've been in business for years so they should know what documents they need and ask for it all up front. Other than that everything went ok.

Good morning, I tried to call your office and talked to a receptionist who refused to give me her name or employee number, even calling me rude, she definitely should not work in this type of job as she doesn t know how to talk on the phone, at any point enduring the conversation was I ever rude, in any event all I was trying to achieve was to give you my 2020 property tax in order for you to adjust the amount as it is part of my mortgage, unfortunately I didn t have my mortgage number at the time.

Please call me back, I just want to say worse experience I had on the phone and I want to switch with a different bank ASAP, I will start making inquiry with other institutions in the near future.

All your employees should have a number or provide a name and all calls should also be recorded, as at this juncture, I have no way of ascertaining my complaint.

Mario Lafond
Edmonton
Disappointed customer

So far my experience with HEB has been frustrating, confusing and needlessly delayed by a month. Communication is difficult, they claim not to receive emails, the representatives never answer the phone and return your calls sometimes days later. I have asked to change the agent and the new agent is more efficient, however there was no communication between the current and the previous agent. Documents that were already sent were requested again which created further delays. If there was another bank offering the CHIP mortgages, the competition might improve the HEB experience for the clients.

I didn't know a lot about the CHIP Reverse Mortgage before I started doing some work for HomeEquity Bank. Now that I know more about the product and the passion that the employees have for this product and for their customers, I think it is definitely worth considering as part of one's retirement plan. I know my parents wanted to stay in their home when they retired . They wanted to have enough space to entertain the whole family and their grandchildren, not to mention the emotional connection that they had to their home. A product like this would have made that possible for them.

My father passed away on July 20th, 2019... I am still trying to get this paid. Never mind that my father was not in his right mind when he got this. I have doctors note proving he was not. They do no medical checks and who knows how many other elderly people they're taking advantage of. Now I have to get a lawyer to take care of this. I just want to grieve my father. I would rate 0 stars if I could.

Well back in 2015 I joined the CHIP REVERSE MORTGAGE FAMILY! I had a very Leaky Roof that needed Fixed and zero cash to fix it!I was Informed about Chip and My Bank Manager explained a lot about it to Me & my Husband.We then arranged for a Bank Home Inspector & after that was done Filled out all the forms we Received in the Mail,Contacted a Lawyer & had everything explained and Guaranteed through them,Signed all final Reports and Our Lawyer then Faxed it all to the Home Equity Bank People! From There i believe we Had our First Money within Two Weeks of Signing up for it! I now Make sure all Bills and Fire Insurance & Property Taxes are Paid and as Long as I do That I can Stay in our Home until I need to sell it!! I have since Lost my Husband so That Little bit of Peace of Mind is very Important to me.I have recommended CHIP REVERSE MORTGAGE to a few Others so they to Can make Repairs needed to their Homes and Have PEACE OF MIND in doing so.I give CHIP REVERSE MORTGAGE FOUR STARS for EXCELLENT SERVICE & HELP when I was at my Wits End.Sincerely Mrs.M.Schonenborn

Great place to work with an honest and open culture.

I had a complaint regarding the valuation which apparently was due to a misunderstanding. Chelsea from Home Equity Bank looked into it very quickly and resolved the situation and offered me a full refund. This was a very efficient and timely response to which I am very grateful. Highly recommended for residential properties

This is my second review. The situation has improved very much and all the formalities were handled pretty quickly once we got to talk to the right person.

Maureen Burgess was great to work with and very patient waiting for the correct id and signatures. Have recommended her to friends

I had applied for an reverse mortage in january of 2020 i got an answer on march 10 2020 that my application was declined. after 3 months what a joke . i wouldnt recommend anyone to them . stay away from Home Equity they give you the run around . out of 10 i rate them 0 . Take my advice do not deal with them

It was not a good experience! After all the hoops I had to jump through and the tons of paperwork I had to submit; I didn t need it anymore. It is advertised that they only look at the equity in your home and not your income or what you ve bought and sold previously. Not the case! Lawyer s fees, appraisal fees and service charges also get deducted from the amount they give you which is not as much as what they advertise.

I have been with Home Equity Bank for a couple of years now and I think it is a great idea that you don't have to pay any money back until you die or move! And the ONLY time you hear from them is 3 or 4 times a year when they send out a notice that you still have monies to draw out IF you want to. No hassle whatsoever! This is a great way to get money, especially if you do not have kids to leave an inheritance to!!