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