CHIP Reverse Mortgage

When we envision retirement, we often see ourselves in comfortable homes, cherishing moments with family or relaxing in our favorite spots. Yet, this phase can also bring significant financial pressures. Many older adults face challenges due to reduced cash flow or unforeseen expenses, making it essential to have cash readily available. Having accessible funds allows for greater peace of mind, ensuring that unexpected costs—such as medical bills or home repairs—can be managed without added stress. Preparing financially for retirement not only enhances your quality of life but also helps alleviate the burden of financial anxiety during your golden years.

Unlock the equity in your home with a CHIP reverse mortgage

A CHIP reverse mortgage, or Canadian Home Income Plan, is a financial product that allows Canadian homeowners aged 55 and older to access the equity in their home without having to sell it. With a CHIP reverse mortgage, homeowners can borrow a percentage of their home’s value, receiving the funds as a lump sum or in regular payments. This money can be used for various purposes, such as supplementing retirement income, covering healthcare costs, or funding home renovations. Importantly, the homeowner retains ownership of the property and is not required to make regular mortgage payments; the loan is repaid when the homeowner sells the home, moves out, or passes away.

Features of a CHIP Reverse Mortgage

  • Homeowners age 55 and older

  • No payments are ever required

  • No Income qualifications

  • No Credit requirements

  • Qualify for up to 50% of the value of the home

  • Money can be received as a lump sum, or over time or combination

  • Owner maintains title

  • They can sell or move at anytime

  • Receive the money tax free

We can help

We're here to help you choose what to do with your home.

Contact our friendly team today to learn how we can assist you.

There’s no better time than now!

Don't let your
dreams of homeownership
fade away!

If you're in search of a mortgage to assist you in achieving your goals, look no further than Mortgages By Design. Begin your journey by reaching out or applying today, and we will support you throughout your incredible path to homeownership, guiding you at every turn.