August 16, 2018

What is a CHIP Canada Home Income Plan Reverse Mortgage?

What is CHIP Canada Home Income Plan?

What if you had the money to pay off debts, help your children buy a home, to travel, or just do more of the things you wanted to do?  CHIP Canada Home Income Plan / Reverse Mortgage Canada could be the solution for you.  It’s the simplest and sensible way to unlock and use your home’s equity and turn it into a steady flow of income or a lump sum cash payment to help you enjoy life on your terms.

CHIP Home Income Plan is a reverse mortgage secured by the equity in your home.

It’s not like a traditional mortgage where you need to make regular monthly payments or qualify with your income.  You do not have to make any payments if you don’t want to – for as long as you or your spouse live in your home.  This is the reason why Canadian’s, like yourself, are taking advantage of this new method of using your home’s equity and reverse mortgage solutions to create more income and start enjoying your retirement.

Reverse Mortgage is designed exclusively for homeowners age 55 and older. This age qualification applies to both you and your spouse.

Receive up to 50% of the appraised value of your home. Based on your age and your spouse, the location and type of home, and current appraised value. Reverse Mortgage Quote to find out how much you could get from your home equity.

Did you want a monthly income cheque or receive a lump sum, it’s Your choice. You have the option of receiving a lump sum advance now or have a portion as a lump sum and the remainder as monthly.

The money is tax-free. It is not added to your taxable income so it doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive.

It’s your money! Spend it any way you like... Pay off your existing debts, create more monthly income, renovate your home, purchase a second home of cottage, take an extended vacation, help your children with their home purchases, use it as an investment or just have some extra income and spending cash per month.

No payments are required while you or your spouse live in your home. The full amount only becomes due when your home is sold, or if you move out.

You are always the Owner and have full control of your Home. You will never be asked to pay off your reverse mortgage, never asked to move out. It is your home as it has always been and you keep any continued growth in its equity. If you or your spouse were to pass on, the mortgage is still not payable so there is no financial interruption to your family.  Just continue enjoying your home.