A CHIP Reverse Mortgage (formally the Canadian Home Income Plan) gives Canadian seniors the ability to unlock the value in their home. They can access up to 55% of their home’s equity in tax-free cash – giving them the ability to enjoy a comfortable retirement.

Unlike a loan or a regular mortgage, with CHIP the homeowner is not required to make payments until they move or sell the home. The homeowners also have the option to receive the money in monthly instalments or initial and periodic advances.

Income Advantage gives homeowners both choice and flexibility. This plan allows them to develop a comprehensive retirement plan inclusive of assets in their portfolio.

The loan is secured against the value in their home and lets them convert part of their home’s equity into cash – without the need to move or sell. They maintain complete ownership and control of their home and have the option to access their money in monthly instalments or initial and periodic advances.