Chip reverse mortgage


I am a certified reverse mortgage specialist!

Wouldn't it be nice if you had the money to do more of the things you want to do?

A CHIP reverse mortgage could be just what you need. It's the simple and sensible way to unlock the value in your home and turn it into cash to help you enjoy life on. your terms.

How much can you get?

You can receive up to 55%* of the value of your home tax-free

Benefits of a CHIP reverse mortgage

You receive the money 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.

What is a reverse mortgage and how does it work?

It is a loan secured against the value of your home, but unlike a traditional Home Equity Line of Credit (HELOC) or a second mortgage, you are not required to make monthly mortgage payments for as long as you live in your home. You always maintain ownership and control of your home.

Why get a reverse mortgage?

Here are some examples of how clients commonly use it:

  • eliminate debt payments
  • help a child or grandchild with a down payment on a home
  • purchase a new home (right-sizing instead of having to downsize the home)
  • increase cash flow to improve lifestyle (e.g. vacation, new car)
  • pay healthcare costs
  • pay for an unexpected expense (e.g. home repairs)

There are 2 Chip Reverse mortgage program

The first program is the CHIP Reverse mortgage which is a lump sum program:

Up to 55% for a CHIP reverse mortgage (dependent upon age, location and type of. home)

  • Minimum $25,000 for lump sum initial advance
  • Minimum $5,000 for each subsequent advance

The second program is the Income Advantage program which is a monthly payment program for you:

Up to 55% (dependent upon age, location and type of home): 75% of which 

Is available in the first year

  • Planned advances from $500/month or $1500/quarter
  • Minimum $5,000 for each subsequent advance