Reverse Mortgages in Toronto

Commonly known as CHIP. A Reverse Mortgage is a loan secured against the value of your home. It lets you unlock the value in your home without having to sell or move.

The money you receive is tax-free and yours to use as you wish.

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

Benefits to Reverse Mortgages:

• Keep your home.
• Stay in your home and community. Maintain complete ownership and control of your home for as long as you choose to stay.
• No payments.
• With CHIP you never have to make regular payments until you no longer live in the home.
• Relieve financial stress.
• Use up to 55% of the equity in your home to pay off debts or handle unforeseen expenses.
• Enjoy retirement.
• The Money you access through CHIP is tax free.
• Take control.
• Get your finances under control and gain the freedom to set your own plans and priorities.

Who can qualify?

• Canadian homeowner
• Age 55 or older
• Own your home
• It’s your primary residence