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- A CHIP Reverse Mortgage in Canada is a loan secured against the value of your home that enables Canadian homeowners 55+ to access up to 55% of the equity in their home without having to move, sell or make regular interest payments1234. The money you receive is tax-free and yours to use as you wish5. Because there are no repayments, there are also no credit checks or income/debt requirements1.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.A CHIP 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 no credit checks or income/debt requirements.seniorslendingcentre.com/As the most popular reverse mortgage product in Canada, the CHIP Reverse Mortgage is a loan secured against the value your home that enables Canadian homeowners 55+ to access up to 55%* of the equity in their home without having to move, sell or make regular interest payments.www.chip.ca/chip-reverse-mortgage/With a CHIP Reverse Mortgage you can access up to 55% of the appraised value of your home in tax-free cash. The amount of cash that you qualify for will depend on various factors including the value of your home, type of home (condo, townhome, semi-detached, detached, etc.), location of your home and your age.www.chip.ca/how-reverse-mortgage-works/A reverse mortgage is a speciality mortgage product only made available to people in Canada over the age of 55. In Canada, there is the CHIP Reverse Mortgage – as it is a renamed version of a product that used to be called ‘CHIP’ (Canadian Home Income Plan) – offered by Home Equity Bank or the PATH Reverse Mortgage offered by Equitable Bank.www.gtamortgagepros.com/reverse-mortgage/CHIP is a reverse mortgage, a loan secured against the value of your home. It lets you unlock the value in your home without having to sell or move away. The money you receive is tax-free and yours to use as you wish.www.homeequitybank.ca/products/chip-reverse-mo…
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