With the CHIP Reverse Mortgage, you’ll be able to live in the home you love and enjoy a comfortable lifestyle. We understand that Canadians over the age of 55 have unique financial needs that are only growing in complexity. Compared to traditional methods, CHIP allows you the ability to access the equity in your home to use however you wish, making it a viable option in many financial plans.
The value of your home has grown over the years and makes up a good portion of your net worth. The CHIP Reverse Mortgage allows you to turn some of your home equity into tax-free cash. You can access up to 55% of its value. The amount that you can access is based on several factors such as; your age, property location, home type and appraised home value.
And the best part is, there are no monthly mortgage payments required!