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 an existing mortgage or home equity line of credit, the funds received must first be used to pay off the existing loans secured by your home. The remaining cash can be used for whatever you like – here are some example of how customers of the CHIP Program have used their money:
- Pay for home improvements or repairs
- Cover your regular expenses
- Pay for travel
- Pay for healthcare expenses
- Pay-off existing debts
- Help your children with an early inheritance