Real Customers, Real Stories

Ena’s Story

Ena had been feeling uncertain about her future after her husband’s passing. Encouraged by trusted friends, she gained financial control through the CHIP Reverse Mortgage. With the extra funds, she found peace of mind, rediscovered her passions, and began looking ahead with hope and confidence!

Frank’s Story

Frank was feeling the pressure of retirement on a limited income. He found financial flexibility through the CHIP Reverse Mortgage. With the extra funds, he was able to support his family and ease his cash flow. He is now living with a renewed sense of freedom.

Salina’s Story

Salina was ready to focus on herself and live life on her terms. She accessed the value in her home through the CHIP Reverse Mortgage. With the extra funds, she made home upgrades, enjoyed her favourite hobbies, and now embraces each day with relief and joy!

Arthur & Pearl’s Story

Arthur & Pearl had been living under constant financial stress. They found financial freedom through the CHIP Reverse Mortgage. With the extra funds, they were finally able to take a nice vacation, help their children, and invest. They are now stress-free and excited about their future!

Ena’s Story

Ena had been feeling uncertain about her future after her husband’s passing. Encouraged by trusted friends, she gained financial control through the CHIP Reverse Mortgage. With the extra funds, she found peace of mind, rediscovered her passions, and began looking ahead with hope and confidence!

Watch Video

Frank’s Story

Frank was feeling the pressure of retirement on a limited income. He found financial flexibility through the CHIP Reverse Mortgage. With the extra funds, he was able to support his family and ease his cash flow. He is now living with a renewed sense of freedom.

Watch Video

Salina’s Story

Salina was ready to focus on herself and live life on her terms. She accessed the value in her home through the CHIP Reverse Mortgage. With the extra funds, she made home upgrades, enjoyed her favourite hobbies, and now embraces each day with relief and joy!

Watch Video

Arthur & Pearl’s Story

Arthur & Pearl had been living under constant financial stress. They found financial freedom through the CHIP Reverse Mortgage. With the extra funds, they were finally able to take a nice vacation, help their children, and invest. They are now stress-free and excited about their future!

Watch Video

The CHIP Reverse Mortgage is a flexible financial solution designed exclusively for Canadian homeowners aged 55 & better, allowing you to access up to 55%* of your home’s value – all while staying in the home you love. The reverse mortgage solution is a financial solution for Canadian homeowners to consider as part of their financial planning in retirement and can be the right fit for many Canadians depending on their circumstance and needs.

Key Advantages

Stay in Your Home & Maintain Ownership: You continue to retain title and ownership of the home. Mortgage obligations include maintaining property taxes, insurance, and property maintenance.
Access Tax-Free Cash: You can access the equity you’ve built in your home with no impact to OAS or CPP and income taxes. Always meet with a tax advisor for details.
No Monthly Payments: You do not need to make any monthly mortgage or interest payments for as long as you stay in the home.
No Negative Equity Guarantee: You will never owe more than the fair market value of your home, as long as you keep up your obligations.
Flexible Features: You can choose to receive funds in a lump sum or monthly or quarterly deposits to supplement income. Funds from a reverse mortgage must first be used to pay off secured debt. The remaining can be used to retrofit the home, upgrade your kitchen, gift to family, take a long-awaited vacation or simply to do more of the things you love.

Key Considerations

Interest Rate: Generally, the interest rate for a reverse mortgage may be somewhat higher than a traditional mortgage and other secured lending options since there are no required monthly payments.
Loan Re-Payment: You or your estate are required to pay the full loan balance when you decide to sell your home, or when the last borrower moves to a retirement community or passes away. Typically funds from the resale are used to pay off the balance.

Please speak with one of our dedicated Consultants or Mortgage Specialists, who can help you decide if a CHIP Reverse Mortgage is the right solution for your retirement goals.

Reverse mortgages are also available from all major banks in Canada, Mortgage brokers and credit unions-simply ask about CHIP! For more general information, you can visit Financial Consumer Agency of Canada notice on Reverse Mortgages.

*Some conditions apply