You can have Financial Freedom with a CHIP or Reverse Mortgage:
- No payments as long as you live in your home, with no time limit
- Choose from monthly income, lump sum, or a combination
- You can continue to grow home equity
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A reverse mortgage (sometimes called a CHIP) is a popular solution for 55+ homeowners in BC and across Canada later in their careers or retired who need to free up cash flow.
The vast majority of the time you will continue to grow equity. For example, if you own a $1M home and take a $250k CHIP, the loan will accrue at approximately 5.50% per year ($13,750). If the home goes up in value an average of 3% per year ($30,000) you have still built $16,250 in equity.
CHIP stands for: "Canada Home Income Plan"