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In-Home Consultation

Reverse Mortgage
Secure Your Retirement

The Reverse Mortgage is a financial solution designed for Canadian homeowners aged 55 and older. It allows them to access tax-free cash from their home equity without selling their home or making monthly mortgage payments. This solution provides financial stability and enhances the quality of life during retirement. It is specifically designed to help retirees supplement their income while continuing to live in their homes without financial strain.

Get a personalized mortgage rate in minutes – estimate yours now!

Benefits of Reverse Mortgage

Grandpa with Thanksgiving Turkey

Eligibility Criteria

To qualify for a Reverse Mortgage, you must meet the following criteria:

🔹Be 55 years or older (applies to both homeowners if 

      jointly owned).

🔹Own a home in Canada, which must be used as a

     primary residence.

🔹The amount you can borrow depends on your home’s

     value, location, and equity.

Benefits of Reverse Mortgage

CHIP Max

Maximized loan amounts for those needing higher payouts.

Income Advantage

Regular scheduled payouts for ongoing financial support.

CHIP Open

Greater flexibility with early repayment options.

HomeBridge

Tailored mortgage solutions to meet various financial goals.

Couple in Raincoats

Eligibility Criteria

🔹Submit an application and schedule a home appraisal.

🔹Review loan options with a CHIP Reverse Mortgage advisor.

🔹Receive approval and access your funds.

Helped Us Stay in Our Family Home

"My wife and I have lived in our home for over 30 years, and we didn’t want to downsize just to cover our expenses. The CHIP Reverse Mortgage gave us the funds we needed to maintain our lifestyle without monthly payments. It was the perfect solution for us, and the process was smooth and hassle-free. Thank you, CHIP, for making retirement worry-free!"

Robert & Diane S., Scarborough, ON

A Lifesaver for My Retirement!

"I was struggling to keep up with expenses after retiring, and my savings were running low. A CHIP Reverse Mortgage allowed me to access tax-free cash from my home equity without having to sell the house I love. Now, I can enjoy my retirement stress-free, knowing I have financial security. I highly recommend CHIP to any senior homeowner looking for financial freedom!"

Linda M., Toronto, ON

More Financial Flexibility Without Sacrifices

"I was hesitant about a reverse mortgage at first, but after speaking with a CHIP advisor, I realized it was a great option for me. The extra cash helped me pay off some existing debts and even take a vacation I had been putting off for years. Best of all, I still own my home and don’t have to worry about monthly payments. This was one of the best financial decisions I’ve ever made!"

James R., Paris, ON

  • How does a Reverse Mortgage Work?
    A Reverse Mortgage allows Canadian homeowners aged 55 and older to access tax-free cash from their home equity without selling their home or making monthly mortgage payments. The loan amount depends on factors like the home’s value, location, and the homeowner's age. The loan is repaid when the homeowner sells the property, moves out, or passes away.
  • Who is eligible for a Reverse Mortgage?
    To qualify, you must: Be 55 years or older (applies to both homeowners if jointly owned). Own a home in Canada, which must be your primary residence. Have sufficient home equity based on the property’s value and location.
  • How much money can I borrow?
    The amount you can borrow depends on several factors, including: Your age (older homeowners may qualify for more). Your home’s value and location. The amount of equity you have in your home. Use our Reverse Mortgage Calculator to get an estimate of how much you qualify for.
  • What are the interest rates for a Reverse Mortgage?
    Interest rates for Reverse Mortgages are typically higher than traditional mortgages but lower than unsecured loans or credit cards. The rate depends on market conditions and the type of Reverse Mortgage product you choose.
  • What can I use the money for?
    You can use the funds for any purpose, including: Supplementing retirement income. Covering medical expenses or home renovations. Paying off existing debts. Enjoying travel and other lifestyle expenses.
  • Do I have to make monthly payments?
    No, there are no monthly mortgage payments required. The loan is repaid only when you sell your home, move out permanently, or pass away. Interest accrues over time and is added to the loan balance.
  • Will I still own my home?
    Yes, you retain full ownership of your home. As long as you meet the loan conditions (such as maintaining the home and paying property taxes), you can continue living in your home without concerns.
  • How is the loan repaid?
    The loan is repaid when: The home is sold. The homeowner moves into long-term care. The homeowner passes away. At that point, the loan balance (including accrued interest) is repaid from the proceeds of the home sale. Any remaining equity belongs to the homeowner or their heirs.
  • Can I lose my home with a Reverse Mortgage?
    No, you cannot lose your home as long as you comply with the loan terms, which include: Keeping your property well-maintained. Paying your property taxes and home insurance.
  • How does a CHIP Reverse Mortgage affect my inheritance?
    Since interest accumulates over time, the amount left for heirs may be reduced. However, homeowners typically retain a significant portion of their home equity, ensuring an inheritance for their beneficiaries.

Learning Centre

Is a Reverse Mortgage Right for You?

A reverse mortgage can provide retirees with additional financial flexibility—whether to supplement retirement income, fund home renovations, cover healthcare expenses, or pay off debt while remaining in their cherished home. No matter your situation, we believe you deserve to enjoy retirement on your terms, in the home you love!

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