chip reverse mortgage

CHIP Reverse Mortgage

Get tax-free cash from your home equity without any monthly payments.

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Free Consultation

Get a free no-obiligation consultation. Enter your details below and we'll get back to you as soon as we can.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Learn Everything About Reverse Mortgages in Canada.

Discover all the facts about a reverse mortgage allowing you to make an informed and educated decision.

Thinking about getting a reverse mortgage in Canada? Read our detailed in-depth guide first.

There's a lot of information out there about reverse mortgages, and we want to make sure that you understand the advantages and disadvantages and more importantly, is securing a reverse mortgage right for you!

You'll learn all the important facts about a reverse mortgage. Including what a reverse mortgage is and is not. The difference between a CHIP Reverse Mortgage and other lenders.

You'll learn how a reverse mortgage broker can help you can be your best resource in securing a Canaidan reverse mortgage.

Written by a Lawyer with a passion for helping seniors improve their financial circumstances, our deep dive into reverse mortgages will leave you informed and educated to make the right decision for you and your family.

Don't make such a large decision without knowing the full truth!

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What Is a CHIP Reverse Mortgage?

A CHIP Reverse Mortgage allows homeowners in Canada aged 55+ to access up to 59% of their home equity.

No monthly payments are required and the loan does not need to be repaid until you sell your home, move or pass away.

The money you receive can be used for any purpose and can be paid to you as a lump sum, or installments. The money received is tax-free.

How a CHIP Reverse Mortgage Can Help

Use your tax-free proceeds from your reverse mortgage any way you like.

pay off debt with a reverse mortgage

Manage Debt After Retirement

retire comfortably

Stop Working and Retire Comfortably

how a reverse mortgage can help seniors

Maintain Your Standard of Living

increase income after retirement

Take Retirement to the Next Level


1 (855) 999-3244
how a chip reverse mortgage works

How Does a CHIP Reverse Mortgage Work?

A CHIP Reverse Mortgage loan amount is determined by your age and the value of your home. An independent appraisal is conducted in order to determine the current market value of your home.

Low income or bad credit is not a factor in determining eligibility for a CHIP Reverse Mortgage. Even if you sill carry a mortgage, you can qualify for a reverse mortgage.

One of the benefits of a reverse mortgage is that any supplemental government income you're currently receiving like your pension is not affected by a reverse mortgage.

Other mortgage products require monthly payments, but with a CHIP Reverse Mortgage, there are no monthly payments as long as you continue to live in your home.

The funds you receive are tax-free.

A reverse mortgage loan is structured in such a way so that you never owe more than the value of your home.

A CHIP Reverse Mortgage is a great way for seniors to increase their monthly income or access the money they need for other purposes.

Our Reverse Mortgage Educational Videos

Trustpilot Reviews

"My wife and I both get pensions but we were struggling to make ends meet with everything getting so expensive! Plus we were shocked to see how much my wife’s PSW was going to cost every month. After researching our options, we decided to work with to obtain a reverse mortgage. The staff was incredibly patient and helpful, guiding us through the process step-by-step. Life is so much better now! We highly recommend to anyone facing similar challenges"

William, Vancouver

"I wanted to help my daughter and her family purchase a home but I was worried about my own financial stability. After speaking with Sunita at, I realized that a reverse mortgage was the perfect solution for my needs. She explained everything to me and even spoke with daughter to answer her questions. It was a great overall experience!”

John, Ottawa

"After my husband passed away, I was concerned about my ability to manage everything on my pension. After speaking with Stephanie at, I learned about the benefits of a reverse mortgage. She helped me with everything and now I have all the financial stability I need. Stephanie really made the process stress-free for me. I highly recommend to anyone looking for a way to live peacefully at home."

Susan, Toronto

"I wanted to buy a summer home in Florida but really didn’t want to sell my investments yet. Syed at showed me how I could use a reverse mortgage to get what I wanted. It really was the best thing for me. They are terrific people doing terrific work---thank you, guys!”

Michael, Oakville

“I wanted to renovate my home and live there as long as I could. The people at showed me how I could do that with a reverse mortgage. My home is perfect for my needs now and I am so comfortable and happy now!”

Elizabeth, Calgary

"Nobody tells you how expensive and stressful downsizing is and I thought that was the best way to save on costs. But I didn’t want to leave my home and lose all those memories or lose my independence. I am so happy now after getting a reverse mortgage and working with everyone at! I still keep in touch with them and consider them my friends.”

Michelle, Mississauga

Why Use RetireBetter To Get A CHIP Reverse Mortgage?


With our access to low reverse mortgage rates not available to the public, we can save you thousands of dollars in interest.


We can help you secure larger reverse mortgage approvals than you could get on your own.


We can reduce your initial setup costs by up to $500.


As a reverse mortgage broker, we have the experience and knowledge to make the process stress-free for you.

Our CHIP Reverse Mortgage Process

RetireBetter makes it easy to get a CHIP reverse mortgage


Speak to a Reverse Mortgage Specialist

Explore your options with no obligations


Decide How You Want to Receive the Funds

Funds can be received in a lump sum or over time.


Sign Your Documents

We get all the paperwork ready for you to sign.


Enjoy Your Retirement

Enjoy your tax-free, payment-free reverse mortgage for life.


1 (855) 999-3244

A CHIP Reverse Mortgage is great tool to help seniors financially, but it's not right for everyone. Here are some pros and cons to a CHIP Reverse Mortgage.

Reverse Mortgage Advantages

  • Cash received is tax-free and will not affect your CPP/OAS
  • No monthly payments
  • Stay as the owner of your home
  • Use the proceeds any way you like
  • Flexible ways to receive cash
  • Low income or bad credit is ok
  • No changes if a spouse dies

Reverse Mortgage Disadvantages

  • All homeowner must be 55 years or older
  • Must be your primary residence
  • Minimum $250,000 home value
  • Higher interest rate than HELOC's and traditional mortgages
  • May reduce home equity in the long term

CHIP Reverse Mortgage Calculator

Find out how much of your home equity you can potentially access using our reverse mortgage calculator. It takes into account the variables required to provide a reasonable estimate.

CHIP Reverse Mortgage Rates

Interest rates on a CHIP Reverse Mortgage are slightly higher than a standard mortgage and Home Equity Line of Credit interest rates.

This is due mostly because no monthly payments are ever required and any homeowner over the age of 55 can qualify for a CHIP Reverse Mortgage, even those with bad credit or no income.

A general rule is that CHIP Reverse Mortgage rates are 2-3% higher than standard mortgage rates and 1-2 % higher than Home Equity Line of Credit rates.

The term of a CHIP Reverse Mortgage loan is similar to that of a standard mortgage; you can choose a term that ranges from 6 months to 5 years.  

Your CHIP Reverse Mortgage interest rates can use fixed or variable rates. Speak to reverse mortgage specialist to find out what the best option for you is.

chip reverse mortgage rates

The Complete Guide to a Reverse Mortgage in Canada

Get instant access to our book that explains in detail everything you need to know about a Reverse Mortgage in Canada. Get expert insights on reverse mortgages that you won't find anywhere else.

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Frequently Asked Questions

Find answers to common questions we receive about CHIP reverse mortgages

How are the interest rates and fees calculcated for a CHIP Reverse Mortgage?

CHIP Reverse Mortgage rates are available in both fixed and variable rates. A variable rate fluctuates and is based on the Bank of Canada prime rate. Fixed rates are set for a pre-determined period of time such as 6 month, 1 year or 5 year period.

CHIP Reverse Mortgage closing fees can vary but are always disclosed to you in writing in advance. These fees are approximately $2000 and can be paid from the loan proceeds without being an out of pocket expense for you.

Who's responsible for repaying my CHIP Reverse Mortgage after I pass away?

When the homeowner passes away, your heirs will be responsible for repaying the reverse mortgage just like a regular mortgage. Your family will be given up to 6 months to repay the CHIP Reverse Mortgage loan.

What happens when a CHIP Reverse Mortgage term finishes?

Provided you continue to be the homeowner, you can renew your CHIP Reverse Mortgage at the end of each term.  You can choose any new term from 1 to 5 years at the interest rates currently available.

How do I receive funds for my CHIP Reverse Mortgage?

Funds can be distributed in a variety of ways including lump sum, monthly allowances, or a combination of both. The choice is yours based on your individual needs and goals. A Reverse Mortgage Specialist can help you choose what's best for you.

How is a CHIP Reverse Mortgage paid back?

You have the option to make payments towards your reverse mortgage anytime you like, While no monthly payments are required, the full amount owing must be paid back when you move, sell your home, or pass away.