What is the CHIP Reverse Mortgage?
This unique financial product allows you to access the equity in your home and convert it into tax-free cash. You have the choice to receive your money as a lump-sum upfront, or as a lump-sum with advances over time.
Ways you can use the
CHIP Reverse Mortgage
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Relieve financial pressure
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Increase cash flow
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Buy a vacation property
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Home renovations / improvements
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Early inheritance
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Assist a family member or friend
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Healthcare expenses
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Alleviate debt
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Preserve investments
Benefits of the CHIP Reverse Mortgage
You always own your home
We’re not in the homeownership business. Instead, we are here to provide you with a unique financial product designed to provide you with the cash you need, when you need it.
No regular monthly payments
You are not required to make regular mortgage payments for as long as your home is your primary residence.
Tax-free
All funds acquired through CHIP are tax-free, and do not affect your OAS or CPP.
Protect your investments
Your investment portfolio can remain untouched for a longer period of time.
A customizable solution
Access up to 55% of the value of your home and receive the funds in the amount you desire in one lump-sum. You can also get monthly/ quarterly installments, or a combination of a
lump-sum and installments.
Take control
Get your finances under control and gain the freedom to set your own plans and priorities.
How it works
01
Decide if it's right for you
Your investment portfolio can remain untouched for a longer period of time.
02
Craft your own flexible plan
Access up to 55%3 of the value of your home and receive the funds in the amount you desire in one lump-sum. You can also get monthly/ quarterly installments, or a combination of a
lump-sum and installments.
03
Peace of mind
Get your finances under control and gain the freedom to set your own plans and priorities.
Who can qualify?
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Canadian Homeowners
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Age 55 or older
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Home must remain your primary residence
Some conditions apply.