CHIP is a reverse mortgage, a loan secured against the value of your home. It lets you unlock the value in your home without having to sell or move away. The money you receive is tax-free and yours to use as you wish.

- Pay off debts
- Handle unexpected expenses
- Help your children or grandchildren
- Improve your day-to-day standard of living
- Make a special trip or purchase

Benefits of CHIP
Keep your home. Stay in your home and community. Maintain complete ownership and control of your home for as long as you choose to stay.
No payments. With CHIP you never make a payment until you decide to move or sell.
Relieve financial stress. Use up to 55% of the equity in your home to pay off debts or handle unforeseen expenses.

Enjoy retirement. The money you access through CHIP is tax-free.

Take control. Get your finances under control and gain the freedom to set your own plans and priorities.
How CHIP works

Who can qualify?
- Canadian homeowner
- Over age 55
- Own your home
- It’s your primary residence

No health or credit check required
1. Decide whether CHIP is for you.
     Weigh the options with your family and advisors.
2. Receive your money.
    Get up to 55% of your home’s appraised value, tax-free.
3. Enjoy.
    No payments, no restrictions. You maintain ownership and control of your home1
     When you decide to move or sell, the proceeds of the home sale repay your loan. The equity left over after repayment is yours.