The platform, known as Custom Solutions, streamlines the use of the bank’s CHIP Reverse Mortgage specifically for gifting funds.
It includes a dedicated support team and branded tools designed to guide homeowners, brokers, and advisors through what the bank calls a “living legacy” transfer, helping parents give meaningfully without taking on undue financial risk.
Younger buyers face a steeper climb
First-time home ownership remains an elusive goal for many younger Canadians. While the causes are complex, today’s market is dramatically different from that faced by previous generations.
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.
First-time buyers are also increasingly relying on help from family. According to CMHC’s 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.
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.
“In the past year, we have seen a 15.5% increase in customers using home equity funds for gifting purposes,” said Carola Corti, Chief Value Propositions and Product Officer at HomeEquity Bank.
A solution built for purpose-driven wealth transfer
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.
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.
“We’ve created a journey, personalized for this growing demand, where every client and partner is supported by a dedicated Specialist,” Carola Corti, Chief Value Propositions and Product officer at HomeEquity Bank, told Canadian Mortgage Trends. “These Specialists guide advisors, brokers and realtors—and their clients—through the gifting process, ensuring clarity and support at every step.”
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—meaning the amount owed will never exceed the home’s fair market value at sale, provided all mortgage conditions are met.
“This custom solution is built around the concept of the living legacy,” Corti added. “This framework helps advisors and brokers frame gifting not just as financial planning but as a meaningful, inter-generational wealth transfer.”
Brokers are taking note
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.
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.
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Last modified: July 8, 2025