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.
You can receive up to 55%* of the value of your home tax-free
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.
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.
Here are some examples of how clients commonly use it:
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)
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