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CHIP Mortgages

 

A CHIP Mortgage is a Reverse Mortgage.
It’s designed for clients who are 55 and over. It allows for homeowners to use the equity in their house without having to make any payments.

CHIP mortgages allow you to take out up to 50% equity in your home without making any payments. The way that you receive the money is totally up to you. You can take it in one lump sum advance or receive it monthly or a combo of both. Some people like to take it all at once so that they can then turn around and invest the funds. Using this method you are able to write off the interest. You can also take it every month or two weeks; similar to an income stream.

The money that you receive is totally tax free so it doesn’t affect Old Age Pension or Guaranteed Income Supplement.

No payments are ever required. The CHIP mortgage only becomes due when you sell or if you move out.

Contact me for more information.

Zamir Kassam
Phone. 604.707.6335
zamir@zamirkassam.com