CHIP Reverse Mortgages
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CHIP Reverse Mortgages in Ontario
Stay in the Home You Love. Enjoy More Financial Flexibility in Retirement.
Your home represents years of hard work, memories and financial investment. A reverse mortgage may allow you to access some of that equity while continuing to live in the home you love.
Designed for Canadian homeowners aged 55 and older, the CHIP Reverse Mortgage provides access to tax-free loan proceeds without requiring regular mortgage payments.
Whether you're looking to supplement retirement income, cover unexpected expenses, make home improvements or simply enjoy greater financial flexibility, a reverse mortgage may be worth exploring.
How Does a CHIP Reverse Mortgage Work?
Unlike a traditional mortgage, where you make regular payments to reduce your loan balance, a reverse mortgage allows eligible homeowners to borrow against the equity in their home without making required regular principal or interest payments.
Some potential benefits include:
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Remain in Your Home – Continue living in and owning your home while meeting the mortgage obligations.
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No Required Regular Mortgage Payments – Principal and accumulated interest are generally repaid when the mortgage becomes due.
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Access Tax-Free Funds – Receive loan proceeds that generally aren't considered taxable income.
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Flexible Use of Funds – Use the money for retirement expenses, renovations, debt repayment or other personal needs.
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Flexible Advance Options – Depending on the product, funds may be available as a lump sum or through scheduled advances.
Is a Reverse Mortgage Right for You?
A reverse mortgage can provide financial flexibility, but it's important to understand how it affects your home equity over time.
Interest accumulates on the outstanding balance, and because regular payments aren't required, the amount owing generally increases over time.
You'll also remain responsible for property taxes, home insurance, maintaining the property and meeting the terms of the mortgage.
As an experienced Mortgage Broker, I'll help you understand the available options, costs and long-term considerations so you can make an informed decision.
My priority is helping you choose a solution that supports your retirement goals and financial peace of mind.
Let's Explore Your Retirement Financing Options
Whether you're planning ahead or looking for ways to improve your financial flexibility during retirement, I'm here to help you understand whether a reverse mortgage makes sense for your circumstances.
Contact me today for a free, no-obligation mortgage consultation.
**You've worked hard to build your home equity. Let's explore how it may support your
CHIP Reverse Mortgage Quick-Facts and Features
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1
Tax Free Money
The money you receive does not constitute a part of your taxable income, meaning that your Old Age Security (OAS) and Guaranteed Income Supplement (GIS) is not affected.
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2
Maintain Ownership of Your Home
Contrary to popular belief, you will not lose your home with a Canadian reverse mortgage. You'll never be asked to move or sell to repay your CHIP Reverse Mortgage. The requirement is to maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.
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3
Use The Money Anyway You Wish
A reverse mortgage can help you enjoy your retirement or cover unexpected expenses. Pay for medical bills, upgrade your home, help family and loved ones, travel and pay monthly expenses without depleting your current savings. The only condition is that any outstanding loans secured by your home must be paid out with the proceeds from your CHIP Reverse Mortgage.
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4
Keep All Remaining Home Equity
In many years of experience, 99 out of 100 homeowners have money left over when their CHIP Reverse Mortgage is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.
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5
Basic Qualification
To qualify you must be a Canadian home owner, 55 years of age or older. The age qualification applies to both you and your spouse. Get up to 55% the value of your home; No credit, no health check and no income needed. Your home must be your primary residence.
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6
No Repayment While Living In your Home
Regular mortgage payments are not required while you or your spouse are living in the home. The full amount only becomes due when you and your spouse no longer live in the home.
