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What is the CHIP Reverse Mortgage?

CHIP is a reverse mortgage, a loan secured against the value of your home. It lets you unlock the value in your home without having to sell or move away. The money you receive is tax-free and yours to use as you wish.

  • Pay off debts

  • Handle unexpected expenses

  • Help your children or grandchildren

  • Improve your day-to-day standard of living

  • Make a special trip or purchase

Benefits of CHIP

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 make a payment until you decide to move or sell.


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.

How CHIP works

Who can qualify?

  • Canadian homeowner

  • Over age 55

  • Own your home

  • It’s your primary residence


**No health check required


Learn more about how a reverse mortgage works in Canada Contact me for more information. 

1. Decide whether CHIP is for you.

  • Weigh the options with your family and advisors.


2. Receive your money.

  • Get up to 55% of your home’s appraised value, tax-free.


3. Enjoy.

  • No payments, no restrictions. You maintain ownership and control of your home1
    When you decide to move or sell, the proceeds of the home sale repay your loan. The equity left over after repayment is yours.


1 As long as you keep your property in good maintenance, pay your property taxes and property insurance and your property is not in default.

Contact me today if you have any questions or if you’d like to see how much you can get!

  • What is the minimum down payment required?
    The minimum down payment or equity requirement when dealing with either private lenders or B lenders is usually 30%- 35%. In some case where the property is situated in town, we have been able to approve some with 25% down payment but they are on a case by case.
  • What is the minimum credit score required?
    With B lenders, the minimum beacon score is in the 500 range. The main criteria to qualify with our alternative program is the equity in the property. I have been able to approve clients with 440 Beacon score with private lenders. When there is enough equity, we have a better chance of approval.
  • Can I pay Judgements with the Alternative Lenders?
    The Alternative Lending program is there to pay; 1. Judgements 2. Collections 3. Canada Renevu Agency 4. Unfinish Renovations And more.
  • How long can it take to rebuild my credit?
    After paying off some debts or applying for new credit, it is really important to be on time with any payments that will show up on the credit. It can take 1 year to build a strong credit and it can also take up to a few years to re-build a strong credit after delinquencies on the credit. It is on a case by case. Contact me to make sure you do the proper steps.
  • Should I declare bankruptcy ?
    Going into a bankruptcy can be avoided depending on your situation. If you have equity in your house, we can consolidate some debts and avoid it. But in some case you don't have the choice. You can still keep your house and mortgage while going into a bankruptcy. I strongly suggest not to let your property go because it will be hard to purchase a new one after. A lot of lenders won't lend if there was issues with a Mortgage.
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