Qualifying for the CHIP Program:

Author: Marisa Nguyen Mortgage Consultants Group |

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 a spouse, both of you must be at least 55 years or older and you must both be listed on the CHIP Reverse Mortgage application

When you apply for the CHIP Program, we will consider the following factors:

  • Your property type, condition and appraised value
  • The location of your property
  • You and your spouse’s age

In general, the older you are and the more equity you have in your home when you apply for the CHIP Plan, the more money we should be able to lend you.