What is a CHIP Reverse Mortgage?
A CHIP Reverse Mortgage could be just what you need. It’s the simple and sensible way to unlock the value in your home and turn it into cash to help you enjoy life on your terms. Unlike a traditional mortgage in which you make regular payments to a lender, a CHIP reverse mortgage pays you.
Wouldn’t it be nice if you had the money to do more of the things you want to do?
Six Advantages of using a CHIP Reverse Mortgage
No Payments You do not have to make any principal or interest payments for as long as you or your spouse live in your home. Payment only becomes due once your home is sold, or if you move out.
Receive Lump Sum Now or Payments over Time You can choose how you want to receive the money. CHIP gives you the option of receiving all the money you’re eligible for in one lump sum advance, OR you can receive planned advances over a set period of time.
Use the Money how You Wish Maybe you want to build up your savings or cover unexpected expenses. Perhaps you want to update your home or help your family without depleting your current savings.
Receive the Money Tax Free It is not added to your taxable income so it doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive.
Receive up to 50% of the Value of your Home The specific amount is based on your age and that of your spouse, the location and type of home you have, and your home’s current appraised value.
You Maintain Complete Ownership You will never be asked to move or sell to repay your CHIP Home Income Plan.
The CHIP Reverse mortgage is available exclusively for homeowners age 55 and older and is secured by the equity in your home.