Seniors can find themselves in a bind, even if they did all they could to plan for retirement. They have less money coming in. They may have additional expenses, especially those that are medical related. Older individuals in Canada can benefit from a loan that allows them to use the benefits of the equity of their home as they get older.

The CHIP (Canadian Home Income Plan) is a reverse mortgage and a great solution many elderly have relied on. They have flexibility with it so they can stay in their home for the rest of their lives. They don’t have to sell it and try to find another place to reside. Here are some things to learn about the CHIP program:

  • Applicants must be 55 years of age or older
  • No payments required
  • No income qualifications to meet
  • No credit check
  • Qualify for up to half of the value of the home
  • Options for a lump sum payment or money at regular intervals over time
  • Option to move or sell at any time
  • No taxes on the funds