A guide to the CHIP Reverse Mortgage
You’ve worked hard to turn your house into a home; it’s where you’ve built memories and where you deserve to stay. At LA Mortgages, we know there’s no retirement like home. We're proud to tell you that, for over 30 years, the CHIP Reverse Mortgage has helped tens of thousands of Canadians just like you. With the CHIP Reverse Mortgage, there are no monthly mortgage payments until you choose to move or sell. You’ll have the freedom to retire in your home on your terms. Please take a few minutes to look over this page. It explains how the CHIP Reverse Mortgage works, and how it can help you enjoy a stress-free retirement in the home you love.
What is a Reverse Mortgage?
A reverse mortgage is a way for Canadian homeowners 55 or older to turn up to 55%* of the value of their home into tax-free cash. It lets you retire safely and securely in the home you love.
It’s a loan secured against the value of the home. Unlike a traditional home equity line of credit or conventional mortgage, there are no monthly mortgage payments for as long as you live in your home.
Your responsibility: The home must remain your primary residence. Simply pay your property taxes and home insurance, and keep your property well-maintained.
The CHIP Reverse Mortgage is provided by HomeEquity Bank, a Federally Regulated Canadian Bank.
*Some conditions apply. Please ask us for details.
The benefits of the
CHIP Reverse Mortgage
The freedom to retire in the home you love
Why choose CHIP?
payments until you choose to move or sell