Frequently Asked Questions
How old do I have to be to qualify for a CHIP reverse mortgage?
Both registered homeowners must be at least 60 years of age. There is no maximum age.
How much income do I need to qualify?
There is no income qualification requirement for a CHIP loan.
What is the maximum loan I can receive?
Depending upon your age, you can receive up to 40% of the appraised value of your home.
When does the loan have to be repaid?
There are no repayment requirements until the homeowners decide to move out or sell their home.
Will I lose the remaining Equity in my home over time?
The experience with homeowners who have CHIP loans is that there has been little or no erosion of equity over time and in many instances, continued appreciation. This is because the loan is for a maximum of 40% of the home value while the homeowner continues to enjoy the benefits of appreciation on 100% of the home value. No matter what, CHIP guarantees to you and your family that the amount to be repaid will never exceed the fair market value of the home at the time it is sold.
Will I have to pay taxes on the CHIP funds I receive?
These funds are not taxable because they are a loan. In fact you might save on taxes because the interest on the CHIP loan may be deducted against interest earned on non registered investments made with the CHIP loan proceeds.
How do I get started?
Please complete and send us the application form on the web site, call us at 1-888-236-8861, or send us an e-mail.