Benefits of the CHIP Reverse Mortgage versus HELOC

With rising living costs, many Canadians are turning to their home equity for extra cashflow. Two common options are a HELOC and a Reverse Mortgage.

• HELOC: Access up to 65% of your home’s value, borrow as needed, and make monthly interest payments. Rates fluctuate with the Bank of Canada’s prime rate.

• CHIP Reverse Mortgage (for Canadians 55+): Access up to 55% of your home’s value as tax-free cash with no monthly payments. The loan is repaid only when you sell, move, or through your estate.

Key Benefits of the CHIP Reverse Mortgage:

• No monthly mortgage payments

• Easier approval for retirees on fixed income

• No need to requalify or worry about credit scores

• Surviving spouses remain protected

• Fixed-rate options for up to 5 years

Contact me to learn more about using a reverse mortgage to unlock your home equity.