CHIP Reverse Mortgage

CHIP is a reverse mortgage, a loan secured against the value of the home. Unlike a loan or a regular mortgage, with CHIP you are not required to make regular mortgage payments. The loan is repaid only when the homeowners no longer live in the home.

The homeowner is required to keep the property in good condition, up-to-date with property taxes and property insurance. The money received is tax-free and can be used however the homeowner wishes.

A CHIP Reverse Mortgage can help your clients:

  • Pay off debts
  • Handle unexpected expenses
  • Help children or grandchildren
  • Improve day-to-day standard of living
  • Make a special trip or purchase


Keep home ownership.

Your clients can now stay in their home and community. Homeowners maintain complete ownership and control of the home for as long as they choose to stay.

No regular monthly payments.

With a CHIP Reverse Mortgage, there are no regular mortgage payments until the homeowner decides to move or sell.

Relieve financial stress.

Up to 55% of the equity in the home is available and can be used however the homeowner wishes.

Take control.

Your clients can get their finances under control and gain the freedom to set their own plans and priorities.

Enjoy retirement.

The money accessed through CHIP is tax-free and will not affect CPP or OAS.

CHIP Reverse Mortgage





Find out how much your client can get using the online calculator.



Contact your Business Development Manager who will answer any questions you or your client may have and walk you through the straightforward application process.



Your client receives their tax-free money!


Who can qualify?

CHIP requires no health checks. It is required that your clients  are over 551, own the home, and use it as the primary residence.

1 This age requirement also applies to the spouse.

How much of the home’s equity can be accessed through CHIP?

CHIP lets your clients access up to 55% of their home’s appraised value.

How will they receive their money?

The CHIP Reverse Mortgage is structured to ensure your clients get the money they need in precisely the way they want it. Whether they wish to receive the money over time or in one lump sum, the choice is theirs.

Will my clients have to pay tax on the CHIP money?

No. It’s tax-free because they are unlocking home equity from their primary residence.

Can my clients repay the balance early, before the sale of their home?

Yes. Your clients can repay the principal or interest at any time — in full or on an annual or monthly basis2.

2 A prepayment charge may apply.

When it’s time to repay the loan, could my client’s other assets be affected?

We guarantee that the amount to be repaid will never exceed the fair market value of your client’s home. Their other assets are completely protected.

Will the homeowner owe more than the house is worth?

The homeowner keeps all the equity remaining in the home. In our many years of experience, over 99% of homeowners have money left over when their loan is repaid.

The equity remaining depends on the amount borrowed, the value of the home, and the amount of time that’s passed since the reverse mortgage was taken out.

Will the bank own the home?

No. The homeowner retains title and maintains ownership of the home. It’s required for the homeowner to live in the home, pay taxes on time, have property insurance, and maintain the property in good condition.

What if the homeowner has an existing mortgage?

Many of our clients use a reverse mortgage to pay off their existing mortgage and debts.

* Always consult your accountant or financial advisor.



Keep your clients up-to-date with these downloadable CHIP Reverse Mortgage resources.