what is a chip reverse mortgage

A CHIP Reverse Mortgage is a loan secured against the value of a Canadian homeowners primary residence, allowing them to access up to 55% of their homes value without having to sell or move away. The money received is tax-free and can be used for various purposes, such as paying off debts, handling unexpected expenses, helping children or grandchildren, improving day-to-day living, or making a special trip or purchase. The homeowner maintains complete ownership and control of their home for as long as they choose to stay, and no payments are required until they decide to move or sell. The loan is available to Canadian homeowners over the age of 55 who own their home and use it as their primary residence, and no health check is required. The CHIP Reverse Mortgage is offered by HomeEquity Bank, a Schedule 1 Canadian Bank and one of only two financial institutions in Canada that offer reverse mortgages.