Did you know that 38% of Canadians over the age of 55 wished they had saved more money outside of their RRSP’s. More disturbing is that 25% of Canadians age 55 and older are retiring with an average debt of $11,204 and that 30% of Canadians are still working because they can not afford to retire.
The Canadian Home Income Plan (CHIP), our reverse mortgage solution, has helped thousands of older homeowners enjoy more financial flexibility without having to sell their home or move. CHIP might be the solution for you. If you own your home and are over the age of 55, you could access the equity in your home to help cover monthly expenses with NO repayment requirements for as long as you live in your home.
Features of a CHIP Reverse Mortgage
- Homeowners age 55 and older
- No payments are ever required
- No Income qualifications
- No Credit requirements
- Qualify for up to 50% of the value of the home
- Money can be received as a lump sum, or over time or combination
- Owner maintains title
- They can sell or move at anytime
- Receive the money tax free