Repayment of the CHIP Program

Author: Marisa Nguyen Mortgage Consultants Group |

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 to ensure that your property taxes and homeowners insurance are kept up to date. When you do decide to move or sell, the loan is repaid from the proceeds of the sale of the home. After the loan is repaid, all remaining money belongs to you and your estate. On average, CHIP customers have over 50% of the value of their home left to enjoy after repaying the loan. The exact amount will depend upon several factors, including: the value of your home, the amount of your loan, and the amount of time that has passed since you took out the loan.