What is it?

The CHIP Reverse Mortgage is a loan program specifically designed for Canadian homeowners aged 55 and over. It allows them to access up to 55% of their home’s value and turn it into tax-free cash without having to move or sell. This loan is secured against the value of their home and does not require any monthly mortgage payments.

Reverse mortgage can help you live the way you want; it’s a flexible option that allows homeowners to get cash without having to sell their homes. If you are 55 years old or older, have equity in your home and need some extra income, a reverse mortgage may be right for you.

Key Takeaways

[1] It offers retirees a way to boost their retirement income, pay for home renovations, pay for health care expenses, or to help them pay off debt while remaining in their current home.

[2] To qualify, homeowners must meet certain eligibility requirements, such as their age, home value, and location.

[3] The money received from the loan may be used in any manner the homeowner wishes.