CHIP LoansWhat is a CHIP / Income Advantage / reverse mortgage and how can it help you?

A reverse mortgage is a mortgage designed specifically for the changing financial needs of Canadian seniors. HomEquity Bank, Canada's reverse mortgage provider, offers their CHIP Home Income Plan loan as well as their newer Income Advantage product. Both products are reverse mortgage products secured by the equity in your home.

The most important difference between a reverse mortgage and a conventional mortgage or line of credit is that the homeowner does not have to make any payments, interest or principal for as long as the homeowner or spouse continues to live in the home.

As homeowners, your obligations are simply to keep your property in good maintenance, pay your property taxes and property insurance.

Both the CHIP Home Income Plan loan and Income Advantage product are  tax-free sources of money to:

  • Eliminate existing debt payments

  • Enhance retirement

  • Cover the rising cost of home ownership

  • Invest to create more income

With no regular payments required until the homeowner decides to move or sell, the money received is a loan, and is not taxed. Most importantly, the money received does not add to the homeowner’s current income, like a RRIF withdrawal would. This means that Old Age Security, (OAS), and Guaranteed Income Supplement (GIS) and other benefits are fully protected from any government claw backs.

To begin the process, it is as simple as calling 1-855-770-3225, sending us an e-mail, or filling in our online application.

Mortgages for Seniors is an authorized partner with HomEquity Bank, provider of the CHIP Home Income Plan and Income Advantage, and both Joanne Thomas and Neil Shopsowitz are Certified Reverse Mortgage Specialists and licenced mortgage brokers specializing in financing for seniors.

Certified Reverse Mortgage Specialist

Now is the time to experience more financial freedom and use the money from your home equity any way you wish.