CHIP Reverse Mortgages
Your Edmonton Mortgage Broker: Natalie Wellings
What is a CHIP Reverse Mortgage?

It's a financial solution designed for Senior Canadian homeowners
Do you know a senior who is feeling anxious about their financial future? I am a CERTIFIED REVERSE MORTGAGE SPECIALIST offering CHIP Mortgages, through Home Equity Bank. Home Equity Bank has been providing quality financial solutions for seniors for more than 25 years.
Click here for a printable pdf on the CHIP Mortgage!

CHIP Reverse Mortgage Quick-Facts and Features
-
1
Tax Free Money
The money you receive does not constitute a part of your taxable income, meaning that your Old Age Security (OAS) and Guaranteed Income Supplement (GIS) is not affected.
-
2
Maintain Ownership of Your Home
Contrary to popular belief, you will not lose your home with a Canadian reverse mortgage. You'll never be asked to move or sell to repay your CHIP Reverse Mortgage. The requirement is to maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.
-
3
Use The Money Anyway You Wish
A reverse mortgage can help you enjoy your retirement or cover unexpected expenses. Pay for medical bills, upgrade your home, help family and loved ones, travel and pay monthly expenses without depleting your current savings. The only condition is that any outstanding loans secured by your home must be paid out with the proceeds from your CHIP Reverse Mortgage.
-
4
Keep All Remaining Home Equity
In many years of experience, 99 out of 100 homeowners have money left over when their CHIP Reverse Mortgage is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.
-
5
Basic Qualification
To qualify you must be a Canadian home owner, 55 years of age or older. The age qualification applies to both you and your spouse. Get up to 55% the value of your home; No credit, no health check and no income needed. Your home must be your primary residence.
-
6
No Repayment While Living In your Home
Regular mortgage payments are not required while you or your spouse are living in the home. The full amount only becomes due when you and your spouse no longer live in the home.