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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

FEATURES YOUR CLIENTS WILL LOVE

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.

CURRENT CHIP RATES

EASY 3-STEP PROCESS

Calculate

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

Connect

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

Enjoy!

Your client receives their tax-free money!

Frequently Asked Questions

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 your spouse.

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

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

How will my client’s 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. They can access their money in monthly installments or initial and periodic advances — or choose a combination of these options.

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. Your client’s other assets are completely protected.

Will the bank own the home?

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

What if my client 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.

STILL HAVE QUESTIONS?

CHIP RESOURCES

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

RATES SHEET

FACT SHEET

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