CHIP Reverse Mortgages - A New Way Of Thinking About Mortgages For Seniors

A CHIP Reverse Mortgage is a mortgage loan for Canadian homeowners aged 55 and older that lets you convert up to 55% of your home equity into tax-free cash without having to sell or move. The lender, Home Equity Bank, is a Canadian chartered bank and is the fasted growing lender in Canada.

How It Works

No Payments: You do not make monthly mortgage or interest payments although you can make full or partial payments if you wish to. The interest owed on the mortgage simply accrues and is added to the mortgage balance each month.

You do not need to qualify for the mortgage on income, it is based on your home value, home location and your ages

Repayment: The loan is only paid back when you sell, move, or pass away.

Ownership: You keep complete ownership and control of your home.

Payout Options: You can get the cash as one lump sum or through scheduled advances. 

Tax Status: The money you receive is tax-free and does not affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits.

Key Rules and Protections

Eligibility: All owners and people on the home title must be at least 55 years old, and the property must be your primary residence.

Obligations: You must still pay your property taxes, keep home insurance, and maintain the property in good condition. No Negative Equity

Guarantee: You will never owe more than the fair market value of your home when it is sold.

Do you or someone you love have more questions about CHIP Mortgages?  Call us today!

Office number: 604-534-6504

Want to text? Dedicated texting line: 236-233-3930 (available during regular business hours)