CHIP Home Income Plan, is Canada’s only provider of reverse mortgages in Canada for seniors. With over 26 years as Canada’s only reverse mortgage lender, CHIP has grown to be a trusted partner with Canadians and all major Canadian Banks.
The CHIP Reverse Mortgage is the only financial product in Canada that gives you access to your home’s equity while you still own your home and continue to live there worry-free for the rest of your life. The CHIP mortgage does not require income or credit to qualify and does not require regular monthly payments. No payments are ever required, however, you can make payments if you wish.
This is the reason people are learning about and choosing CHIP to access their home equity. You can pay off all existing debt with CHIP and free yourself of monthly debt payments leaving more of your monthly income to live your life on your terms. CHIP gives you access to your home’s equity to give you more monthly income to live out the rest of your life, in your family home, worry-free.
If you are interested in finding out more information about CHIP, please contact us directly, we will be happy to answer your questions and help you with your particular situation.
What are the Advantages of Reverse Mortgage?
- While most banks would require proof of income, a CHIP mortgage is not a demand loan and does not require income to qualify.
- You have the freedom to use the loan amount however you wish. While accessing your home’s equity, you continue to own and live in your home for as long as you wish and you continue to own the future equity and growth of your home.
- With a CHIP mortgage, you can access up to 565% of your home’s equity.
- You also have the flexibility to decide on how you would want to receive your money: a lump sum amount, in multiple breaks, or as a combination of both.
- The loan amount or cash you receive through a CHIP reverse mortgage is absolutely tax-free because you have obtained the loan against the equity in your principal residence.
- Taking a reverse mortgage does not create a barrier to your government benefits – Old Age Security (OAS) or Guaranteed Income Supplement (GIS)
- When you decide it is time to sell your home, any growth and new equity appreciation remains with you. The only amount due is the amount borrowed and any unpaid interest accrued. The mortgage is never due and no payments are ever required for as long as you live in the home or until you decide to sell.
- You can also utilize the CHIP funds to invest or purchase non-registered investments, to assist provide you with additional monthly income and provide you with an income tax deduction for the cost of borrowing. It is however recommended that you consult a professional income tax advisor to understand this advantage better.
- You can utilize the CHIP mortgage to pay off existing debt, renovate your home, buy a second property, provide you with additional monthly income, assist your family with their financial needs, or anything else you can think of to live out your life in your home on your termsThe minimum age requirement is 55 years old and CHIP can unlock up to 50% of your home’s equity.
To reach us, please go to the contact page or call us directly at 416-988-5913, and a CHIP expert will be available to answer your questions.