What is a CHIP Reverse Mortgage?
It’s a financial solution designed for senior Canadian homeowners.
- You can access up to 55% of the value of your home
- You always maintain ownership of your home and never have to move or sell
- There are no payments required
- You can receive your tax-free cash over time or one lump sum
How Does A CHIP Reverse Mortgage Work in Canada
If you’re like many other 55+ Canadians, much of what you own fits into two categories—the equity in your home and the money you’ve saved. Chances are, the value of your home has grown over the years and makes up a good portion of your net worth. While having a home that has built value is a positive, you typically can’t spend that value unless you sell it. And that’s something many homeowners simply do not want to do.
That’s where CHIP comes in.
A CHIP Reverse Mortgage lets you change the home equity and savings balance by turning some of your equity into cash. Unlike many mortgage-based financial products, you’re not obligated to make any payments until you choose to move or sell.
What makes this program work is that participants only take up to 55% of the value of their homes, which ensures you have access to the cash you want and also the security you need.
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