THE CHIP REVERSE MORTGAGE 

In Canada, a reverse mortgage is a loan where the lender pays you. If you are at least 55 years or older and you don't currently have a mortgage, then this program can help with extra cash flow in your retirement years.

There are a few different options in Canada when it comes to a reverse mortgage. One of the most popular ones is The CHIP Reverse Mortgage that allows Canadian Homeowners who are aged 55 and up to access up to 55 percent of their home's value making it a tax-free income source without the requirement to move or sell property. The most exciting part about this loan is there aren't any monthly mortgage payments required. 

We also make the application process extremely convenient as we can complete everything online and over the phone. You will only be required to visit your lawyer's office (or meet with your lawyer through a virtual appointment) in order to complete the mortgage registration in land titles. 

In order to be eligible for The CHIP Reverse Mortgage, you must meet the following criteria: 
  1. You must be aged 55+
  2. Your home must be worth at least $200,000; and 
  3. The property mortgaged must be your primary residence. 

There are many benefits of The CHIP Reverse Mortgage but the main ones include: 
  1. Getting to stay in your home. 
  2. There aren't any monthly mortgage payments required. 
  3. Get tax-free payments. 
  4. Live retirement the way you want. 


If you have specific questions, please feel free to book a one-on-one consultation or call (647) 773-4849 for more information.