When most of us dream of retirement, we imagine ourselves in our homes – sharing a meal with family or just relaxing in a comfortable spot.
The Canadian Home Income Plan (CHIP) holds significant appeal for homeowners seeking financial flexibility, and partnering with a seasoned mortgage broker can enhance this process. CHIP, a reverse mortgage program, allows Canadian homeowners aged 55 and older to convert a portion of their home equity into tax-free funds. A knowledgeable mortgage broker specializing in CHIP can guide clients through the intricacies of the program, ensuring a smooth and informed decision-making process. By leveraging their expertise, brokers assist in assessing eligibility, explaining payout options, and navigating the unique features of CHIP. With a mortgage broker’s support, homeowners can tap into their home’s equity intelligently, making the most of the financial opportunities presented by the Canadian Home Income Plan.
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