Question:

What is Canadian Home Income Plan (CHIP) reverse mortgage?

Answer:

The Canadian Home Income Plan (CHIP) reverse mortgage program offers convenient options to increase availability of cash at hand. CHIP is available for couples over 60 (applies for both); the maximum amount you can receive is 40% of the equity of your home and depends on your age, house type and location.

The money with a Canadian Home Income Plan (CHIP) reverse mortgage can come with one lump sum, can be distributed in periodic payments over specified time period, or use a combination of both payment types.

This is tax free money that you can use to invest, put in a savings account or spend on unexpected expenses. With Canadian Home Income Plan (CHIP) reverse mortgage, the money has to be repaid only after neither you, nor your spouse live permanently in the house any longer. When the house is sold, after the Canadian Home Income Plan (CHIP) reverse mortgage is repaid, you will most often collect some extra cash.

You are only responsible to maintain the property in good condition and pay real estate taxes while remaining in complete ownership. The Canadian Home Income Plan (CHIP) comes with fixed or variable rates, and closing costs may conveniently be rolled into the CHIP.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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