Why Reverse Mortgages Are Becoming So Popular Among Canadian Homeowners 55 And Over

What’s a reverse mortgage?

A reverse mortgage, like the CHIP Reverse Mortgage, is a special loan for homeowners 55+, that lets them borrow against the value of their home, without having to sell their home. And, unlike home equity loans for example, you never have to make a payment, until you choose to move or sell.

Why Are Reverse Mortgages so Popular?

After years of diligently paying their mortgages, many Canadians now have significant value locked up in their homes. But although they may be ‘house rich’, they often don’t have enough regular income to pay their other debts, cover monthly expenses or do important things like fix up their home. A reverse mortgage, like the CHIP Reverse Mortgage, lets homeowners access the value in their home, without having to make any regular payments, until they choose to sell or move.

How Does it Work?

With a CHIP Reverse Mortgage, you can receive up to 55% of the value of your home as cash. And, you can use the money for any purpose you wish – from paying off debts to financing home improvements to covering healthcare expenses. 

You can take your tax-free money as either a lump sum, regular monthly payments, or both. There are no payments to make as long as you or your spouse lives in your home. The principal and interest are only due when your home is either sold or you move out. Plus, you keep all the additional equity that accumulates in your home from the time you take out the CHIP Reverse Mortgage to the time you sell or move out.

For homeowners 55 or over, a reverse mortgage is often a better option than a traditional home equity line of credit (HELOC).

For more information on the how to unlock the value in your home, with a reverse mortgage, without having to move or sell, request Please send me your free, CHIP information guide

Why a CHIP Reverse Mortgage?

• Get $100,000, $200,000, $300,000 or more, depending upon the value of your home.
• Never make a payment until you choose to move or sell.
• Maintain complete ownership and control of your home. 
• Take your money as a lump sum, regular monthly payments, or both!
• Use the money anyway you see fit.

 Steven Porter is a licensed Mortgage Agent with Mortgage Architects and a Certified Reverse Mortgage Specialist. Contact Steven at 1-905-875-2582 or email at steven.porter@mtgarc.ca to discuss the freedom from having a reverse mortgage.