Property Purchase Tax Exemption
Why Consider A Reverse Mortgage?
- 93% of Canadians want to age in the place and home they love. With CHIP, you stay in the home you love and access the equity from your home to live retirement your way.
- Downsizing can be costly both financially and emotionally.
With CHIP, you maintain title and ownership and enjoy your home in retirement.
- Access to traditional lending becomes limited in retirement due to fixed income. With CHIP, no monthly mortgage payments are required.
- With investments and other forms of income, there can be
tax implications. Proceeds from CHIP are tax-free.
Reverse Mortgages Explained
You always maintain title and ownership of your home
- Your financial goals are unique to you. There are a variety of solutions to suit your specific needs that reflects what you want to get out of life, that’s why today there are more unique mortgage products on offer than ever before.
- Not unlike a conventional mortgage, the CHIP Reverse Mortgage is a loan secured against the value of the home, but without any monthly mortgage payments required.
- Only available to Canadians age 55 or older. It’s a way to access equity without having to sell the home you love.
- It allows homeowners to access up to 55% of the value of the home in tax-free cash, in a lump sum or in regular deposits.
- The home must be your primary residence. Simply pay your property taxes, home insurance, and keep your property well-maintained.