Reverse Mortgages For Canadian Homeowners 55+
You’ve worked hard your entire life, and now it’s time to enjoy the fruits of that labor. Convert up to 55% of your home equity into tax-free cash with zero required monthly mortgage payments.
Mistakes Senior Homeowners Make... And How To Avoid Them
Retirement is a time for enjoyment and relaxation—and also a time for preparation, as you'll want to make sure you're ready for all of the changes that come with this transition in life. Retiring from work can be an exciting new chapter, but it can also be fraught with financial challenges if you don't prepare properly.
What can you do if you are living above your means in retirement? Whatever it takes to get yourself out of debt! While retiring from work and taking on a fixed income can reduce some stressors, the idea of losing your home or car is enough to keep most people up at night. And while these things seem like part of who you are, risking your home to pay off debt before retirement is unnecessary when you have equity.
Understanding The Canadian Reverse Mortgage (CHIP)
A simple, secure financial instrument engineered to liberate your home's equity without taking on new monthly debt obligations.
Tax-Free Cash In Your Pocket
The money you access is 100% tax-free. You can receive it as a lump sum, regular monthly deposits, or a flexible reserve to draw whenever needed.
Keep 100% Home Ownership
You remain the sole owner on the property deed. The bank never owns your home. You maintain full freedom to live there for as long as you wish.
No Monthly Payments Required
You do not have to pay back this loan until you choose to move or sell the home. Interest simply accrues against the equity, preserving your monthly cash flow.
How Much Tax-Free Cash Could You Unlock?
Enter your estimated home value and age to preview the tax-free funds you may qualify for right now.
Estimated Cash Available
Based on Canadian CHIP age-based Loan-To-Value guidelines.
Frequently Asked Questions About Reverse Mortgages
Everything you need to know to make an informed decision for yourself and your loved ones.
No, absolutely not. You remain the sole registered owner on title. You have the freedom to live in your home as long as you wish, renovate it, or leave the remaining equity to your heirs.
No. Because reverse mortgage proceeds are considered loan capital rather than earned income, they are 100% tax-free and do not affect Old Age Security (OAS), Guaranteed Income Supplement (GIS), or CPP benefits.
No. Canadian reverse mortgages include a strict "No Negative Equity Guarantee." As long as you maintain property taxes and homeowner insurance, you or your heirs will never owe more than the fair market value of the home upon sale.
The loan only becomes due when the last surviving homeowner permanently moves out, sells the home, or passes away. At that point, the loan is paid off from the home proceeds, and all remaining equity belongs to you or your estate.