The CHIP Program is designed for Canadian homeowners age 55 years and older who want to live retirement on their terms. If you’re like most…
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Benefits of the CHIP Program
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How can you use the CHIP Program?
The money received from the reverse mortgage can be accessed in one lump sum or in planned advances – it's your choice! If you have…
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Qualifying for the CHIP Program:
To be eligible for the CHIP Program you must be: A Canadian homeowner Age 55 or older The home must be your primary residence Please note: If you have…
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Repayment of the CHIP Program
You are not required to make any payments on a CHIP Plan until you choose to move or sell your home. You are however, required…
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What Are the Pros and Cons of the CHIP Program?
There are several factors to consider before deciding to proceed with a reverse mortgage. As with any big decision, it’s helpful to speak to family…
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What is a Reverse Mortgage?
A reverse mortgage is a loan secured against the value of your home. It is designed exclusively for homeowners aged 55 years and older. It…
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Reverse Mortgage Eligibility & Qualifications
To be considered eligible for a Reverse Mortgage in Canada, you must be: A Canadian homeowner Age 55 or older (if you have a spouse, both of…