CHIP Reverse Mortgages

Understanding a CHIP Home Equity Reverse Mortgage for Seniors


A Reverse Mortgage in Canada is just like most other mortgages, with a couple of important exceptions: it is only available to seniors aged 55 years or older and there are no monthly repayments required to pay back the mortgage. Because there are no repayments, there are also generally no income/debt requirements. The borrower’s ability to make payments, typically an important concern with most banks, is simply not at issue here.


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