|
What is the CHIP Reverse Mortgage?The CHIP Reverse Mortgage allows Canadian homeowners age 55+ to access up to 55% of their home’s value and turn it into tax-free cash without having to move or sell and no monthly mortgage payments required! Our convenient, secure (and now contactless!) process means you can complete the entire application from the comfort of your own home from application through to electronic signature! |
|
|
|
|
Why get a CHIP Reverse Mortgage?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.
|
HomeEquity Products
IncomeAdvantage
Provides a steady stream of income to boost your existing retirement income. It helps make planning easier by filling in gaps between your current income and expenses. You determine the amount and the frequency of your advances.
|
CHIP Reverse
Custom built for homeowners 55 and over, it enables you to access up to 55% of your home value in tax-free cash. It provides a lump sum of money to be used however you like – pay off debts or an unplanned expense or buy that vacation home you’ve always wanted. The choice is yours.
|
CHIP MAX
CHIP Max is designed to give our younger clients more immediate access to a higher percentage of their home equity. If you’re considering alternative lenders or a second mortgage, the CHIPMax Reverse Mortgage may offer you more value in the long run.
|
CHIP OpenOur newest product is made for homeowners 55+ searching for a short-term financing solution with the option to repay the full loan amount at any time without prepayment penalties. If your financial situation changes and you need a longer-term loan, the CHIP Open loan can be converted to the CHIP Reverse Mortgage***.
|
*Conditions apply. The results of this tool are to be used for illustration purposes only. In order to understand what you may be eligible for, additional information must be collected.
**Conditions apply. You must maintain the condition of your property and your taxes and insurances must be up to date.
***$500 conversion fee applies. Upon conversion, you will be subject to the terms and conditions of the CHIP Reverse Mortgage. Prepayment privileges and penalties may apply.
**Conditions apply. You must maintain the condition of your property and your taxes and insurances must be up to date.
***$500 conversion fee applies. Upon conversion, you will be subject to the terms and conditions of the CHIP Reverse Mortgage. Prepayment privileges and penalties may apply.