CHIP is a reverse mortgage, a loan secured against the value of your home. It lets you unlock the value in your home without having to sell or move. The money you receive is tax-free and yours to use as you wish.
• Pay off debts
• Improve your home
• Handle unexpected expenses
• Help your children or grandchildren
• Improve your day-to-day standard of living
• Make a special trip or purchase
Benefits of CHIP
Keep your home. Stay in your home and community. Maintain complete ownership and control of your home for as long as you choose to stay.
No payments.
With CHIP you never have to make regular payments until you no longer live in the home.
Relieve financial stress.
Use up to 55% of the equity in your home to pay off debts or handle unforeseen expenses.
Enjoy retirement.
The money you access through CHIP is tax-free.
Take control.
Get your fnances under control and gain the freedom to set your own plans and priorities.
How CHIP works
Who can qualify?
• Canadian homeowner
• Age 55 or older
• Own your home
• It’s your primary residence
*No health check required
Decide whether CHIP is for you.
Weigh the options with your family and advisors.
Receive your money.
Get up to 55% of your home’s appraised value, tax-free.
Enjoy.
No payments required. You maintain ownership and control of your home.
When you decide to move or sell, the proceeds of the home sale repay your loan. The equity left over after repayment is yours.
1. You are required to pay your property taxes, have valid and
adequate fire insurance and keep your property well maintained.
