What is CHIP?

It is a loan for seniors, specifically for people 60 years of age and over. Generally this type of address loan to people wanting additional income to pay for home help, home medical care. Others choose to renovate their homes, travel more often or simply help their children and grandchildren.

This loan is offered by HomEquity Bank, a Canadian bank listed on the TSX. The principle is simple, the bank will give you an amount of money up to 40% of the estimated value of your home. Even if you have a small mortgage balance left, you are eligible for the program. Call us for more information.

A reverse mortgage

The CHIP Home Income Program is a reverse mortgage loan secured by the equity in your home. Unlike a traditional mortgage loan for which you have to make regular payments, with a reverse mortgage, it’s a good choice. are you receiving payments? This payment is usually made in one go, but clients can also opt for installments.

In addition, the main advantage of CHIP is that you do not have to make any payments – principal or interest – as long as you or your spouse live in your home.

You can receive up to 40% of the value of your home. (The exact amount is based on your age and that of your spouse, where your property is located, the type of dwelling, as well as the current appraised value of your home.)

Eligibility Reverse Mortgage:

• Available to owners 60 years and older
• No eligibility criteria associated with income, credit or health.

Here are some benefits :

• The amount you receive is not taxable. It is not added to your taxable income.
• You can use the money as you see fit in the way you want.
• You stay and stay in control of your home.
• All that remains in capital is yours.
• Your estate is well protected.
• You can reduce your taxes if the loan is used to invest in GICs or mutual funds.
• You also have several payment options (eg NO, partial or regular payments similar to a standard mortgage).

Protection of the property right:

• The title of ownership remains in your name. CHIP will never ask you to move or sell to pay for the program.
• Owners are responsible for paying property taxes, fire insurance and maintaining their property.

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