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

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