Benefits of the CHIP Program Canada 

The CHIP Program is designed for Canadian homeowners aged 55 and older who want to live retirement on their terms. If you’re like most Canadian homeowners 55+, much of what you own fits into two categories – the equity in your home and the money you have saved. It is likely that the value of your home has grown over the years and makes up a large portion of your net worth. And, while it is positive that your home has built value, this value is not accessible unless you decide to sell your home. 

The CHIP Program allows you to access up to 55% of its value without having to sell your beloved home. And, best of all, you don’t have to make regular mortgage payments until you eventually move or sell. Additionally, the money you borrow is tax-free and it does not affect the Old-Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits you may be getting. As the homeowner, you are required to maintain your home and remain current on property taxes and homeowners’ insurance. To recap, the CHIP Plan is suitable for people who don’t want to access equity from their home without moving and improve their monthly cash flow. With the CHIP Mortgage, you always remain on title and retain ownership and control of your home. 

What Is The CHIP Reverse Mortgage?

As the most popular reverse mortgage product in Canada, the CHIP Reverse Mortgage is a loan secured against the value your home that enables Canadian homeowners 55+ to access up to 55%* of the equity in their home without having to move, sell or make regular interest payments. While the CHIP Reverse Mortgage provides an initial lump sum of tax-free cash, you can schedule additional advances later with the security of knowing the cash is there when you need it.   

How Can You Use The CHIP Reverse Mortgage?

The CHIP Reverse Mortgage provides an initial tax-free lump sum loan amount and potential future additional amounts.

Here’s how many of our customers use the cash from the CHIP Reverse Mortgage:

• Pay off debts
• Cover an unexpected expense
• Renovate their home
• Pay for a special vacation 
• Help children or grandchildren

Qualifying For The CHIP Reverse Mortgage:

To be eligible for the CHIP Reverse Mortgage you must be:  

• • A Canadian homeowner 
  • Both you and your spouse must be 55+ 
  • It’s your primary residence  
  • Minimum appraised home value of $250,000 

Contact me today to discuss CHIP Reverse Mortgage solution and to learn more on how you can unlock the value in your home.