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The CHIP Program: A Canadian Solution for Homeowners

Access up to 55% of the Value of Your Home – No Monthly Payments Required!

You can Access the Equity You need and Stay in the Home you Love!

​How can you use the CHIP Program?

The CHIP Program includes flexible reverse mortgage options to fit your unique needs and help you retire in the home you love. ​Select the product below to review your options and find out all the ways CHIP can help you live retirement on your terms. 
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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.
  • CHIP ReverseMortgage
  • IncomeAdvantage
  • CHIPMax
  • CHIPOpen
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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 

​

What Is Income Advantage?

You worked your whole life, now let your house work for you. Income Advantage is a reverse mortgage solution that provides monthly or quarterly advances of tax-free cash, in addition to a single lump-sum payment. Income Advantage is a perfect product for those who want to supplement their regular retirement income.  ​

How Can You Use Income Advantage?

Income Advantage provides monthly or quarterly tax-free advances in addition to an initial tax-free lump sum.
Many of our customers enjoy the benefits of monthly or quarterly supplemental cashflow in retirement.  Here are some of the ways Income Advantage is used today: 
  • Fill the gap between income and expenses
  • Make retirement planning easier 
  • Maintain their lifestyle in retirement

Qualifying For Income Advantage:

To be eligible for Income Advantage you must be: 
  • A Canadian homeowner
  • Both you and your spouse must be 55+
  • The home must be your primary residence
  • Minimum appraised home value of $250,000

What is CHIP Max?

CHIP Max is designed to provide our younger clients with initial access to a higher percentage of their home equity. If you’re considering alternative home equity loans, such as a second mortgage, the CHIP Max Reverse Mortgage may be a solution that better fits your needs.   ​

How Can You Use CHIP Max?

CHIP Max provides an initial, tax-free lump sum loan amount higher than CHIP Reverse Mortgage.
Just like with all CHIP Products, the cash is yours to do with as you wish. 
Here are some ways our customers are using CHIP Max: 
  • Help their kids buy their first home
  • Pay off debt
  • Cover a large unplanned expense

Qualifying For CHIP Max:

To be eligible for CHIP Max you must be: 
  • Canadian homeowners in select locations 
  • Both you and your spouse must be 55+
  • The home must be your primary residence 
  • Minimum appraised home value of $300,000 

What Is CHIP Open?

The newest CHIP Product is made for those looking for short-term financing options with the option to repay the full loan amount at any time. Unlike most alternative short-term loans, the CHIP Open Reverse Mortgage does not have repayment penalties for full payments. Additionally, if your financial situation changes, you have the freedom to convert a CHIP Open to the flagship CHIP Reverse Mortgage*. ​

How Can You Use CHIP Open?

CHIP Open offers a short-term solution without pre-payment amounts and the flexibility to convert to a longer-term reverse mortgage solution.
Many of our customers need short-term financing which the CHIP Open is perfect for. Here are some ways our clients are enjoying the benefits of CHIP Open: 
  • Assist with bridge financing needs 
  • Obtain the capital to seize a new opportunity 
  • Handle unexpected expenses

Qualifying For CHIP Open:

To be eligible for CHIP Open you must be: 
  • Canadian homeowners 
  • Both you and your spouse must be 55+
  • The home must be your primary residence
  • Minimum appraised home value of $300,000 
*Conditions apply. Additional information must be collected. 

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