Chip Reverse Mortgage
What is CHIP Reverse Mortgage? It is a financial solution specifically designed for senior Canadian homeowners. For many retired Canadians, debt is something that is unavoidable and can lead to stress. The CHIP Reverse Mortgage exists so that the aging population has an alternative to selling their home and taking on a second mortgage or line of credit. Features include:
- You can apply for up to 55% of the value of your home, depending on the age of the homeowners, property type and location.
- Homeowners 55+ are eligible
- You can always maintain ownership of your home and never have to move or sell
- There are no payments required
- You can receive your tax free funds over time or one lump sum