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The CHIP Reverse Mortgage for Canadians 55 and over Access up to 55% of your home value in tax-free cash!
Keep the home you love
No monthly mortgage payments
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The CHIP Reverse Mortgage allows Canadian homeowners age 55+ to access up to 55% of their home’s value and turn it into tax-free cash without having to move or sell and with no monthly mortgage payments required.
Our convenient, secure (and now contactless) process means you can complete the entire application from the comfort of your own home from application through to electronic signature!
The CHIP Reverse Mortgage allows homeowners aged 55+ to convert part of their home equity into tax-free cash without selling or moving.
| Set-up fee: | $995 (Appraisal, ILA, and legal/closing costs not included) |
Subject to borrowers meeting their mortgage obligations.
Reverse mortgages are reasonably affordable for the long term and upfront costs. In reality, the CHIP Reverse Mortgage has many of the same costs as a traditional mortgage if needed to close an approved loan. That said, some administration fees, legal fees, and appraisals are a little higher than a traditional mortgage. But CHIP Reverse Mortgage products from most lenders will have the client’s legal advisor (that’s the requirement) to carefully manage paperwork.
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