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| Unlock your Home Equity with
a trusted lender |
| Our lender, CHIP Home Income
Plan, is the only national provider
of reverse mortgages in Canada. CHIP
has been Canada’s leading provider
of reverse mortgages for more than
21 years. CHIP is a trusted partner
with all the major banks in Canada,
with foreign and regional banks,
wealth management companies and
mortgage brokers. |
| You choose how to receive up
to 40% of your home’s appraised
value |
| We’ll tailor your CHIP
reverse
mortgage to specifically meet your
needs. Once approved, you decide how
much you want to take and when you
want to take it. You can take the
entire amount in a lump sum, or take
a little now and more as needed. You
can also choose planned advances,
deposited into your bank account
monthly, quarterly, semi-annually,
or annually over a set period of
time. |
| No payments are required
while you or your spouse live in
your home |
| With a CHIP reverse mortgage,
you don’t need to make monthly
interest payments if you don’t want
to. Even if you start making
interest payments and then want to
stop them for whatever reason, the
choice and flexibility is yours. |
| You maintain ownership and
control of your home |
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A CHIP reverse
mortgage does not give up ownership
of your home. Just like a
traditional mortgage, a reverse
mortgage is registered on title, but
your home always remains in your
name. You can sell or move any time
you want to. You can also pay back
the reverse mortgage any time you
want to. |
| You receive the money
tax-free which does not affect
government benefits you may receive |
| The money you receive is not
taxable income and will not affect
government benefits you may
currently receive, such as Old Age
Security (OAS) pension, or the
Guaranteed Income Supplement (GIS).
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| You can save on taxes |
| If you decide to invest some or
all of your proceeds, you may be
able to deduct the reverse mortgage
interest against your taxable
income. This is a very powerful way
to generate a non-taxable income
stream to supplement your retirement
income. For more information on
using a reverse mortgage to invest &
save on taxes, we recommend talking
to a Certified Financial Planner. |
| You and your estate are well
protected |
| Unlike traditional lending,
there is ZERO risk of ever losing
your home – even if it depreciates
in value over time. With other
traditional loans, such as a line of
credit, the loan can be recalled or
you may default on your loan and
lose your home altogether. With a
CHIP reverse mortgage there is no
risk of default and the loan is
guaranteed never to exceed the fair
market value of your home. |
| You decide what to do with
the remaining home equity |
In over 21 years of experience,
99% of CHIP Home Income Plan clients
have money left over when the loan
is repaid – about 50% on average.
The reason:
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the reverse mortgage
is ultra conservative
(only up to 40% of the
appraised home value). |
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the fact that house
prices, over the
long-term, will continue
to appreciate in value
for most homes. |
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