CHIP stands for the 'Canadian Home Income Plan' (so shortened to CHIP as an acronym) - this refers to the reverse mortgage offered by HomeEquity Bank. It is what this was previously called before it was changed to CHIP reverse mortgage. The name was changed to the 'CHIP reverse mortgage ' to more accurately reflect the type of loan this is (it is a mortgage CHIP, after all, and takes into account your equity, since you are accessing the equity in your home). They also changed their name from HomEquity Bank to HomeEquity Bank.