Products We Offer

What is the CHIP Reverse Mortgage?

This unique financial product allows you to access the equity in your home and convert it into tax-free cash. Tap into the value of your home and receive the funds in the amount you desire in one lump-sum. You can also get monthly/ quarterly installments, or a combination of a lump-sum and installments through the Income Advantage reverse mortgage.

No need to compromise

With the CHIP Reverse Mortgage, you’ll be able to live in the home you love and enjoy a comfortable lifestyle. We understand that Canadians over the age of 55 have unique financial needs that are only growing in complexity. Compared to traditional methods, CHIP allows you the ability to access the equity in your home to use however you wish, making it a viable option in many financial plans.

A CHIP Reverse Mortgage can help you:

  • Pay off debts
  • Handle unexpected expenses
  • Help children or grandchildren
  • Improve day-to-day standard of living
  • Make a special trip or purchase
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CHIP Reverse Mortgage

CHIP is a reverse mortgage, a loan secured against the value of the home. Unlike a loan or a regular mortgage, with CHIP you are not required to make regular mortgage payments.

The loan is repaid only when the homeowners no longer live in the home.

The homeowner is required to keep the property in good condition, up-to-date with property taxes and property insurance. The money received is tax-free and can be used however the homeowner wishes.

  • Keep home ownership

    You can now stay in their home and community. Homeowners maintain complete ownership and control of the home for as long as they choose to stay.

  • No regular monthly payments

    With a CHIP Reverse Mortgage, there are no regular mortgage payments until the homeowner decides to move or sell.

  • Relieve financial stress

    Up to 55% of the equity in the home is available and can be used however the homeowner wishes.

  • Take control

    You can get their finances under control and gain the freedom to set their own plans and priorities.

  • Enjoy retirement

    The money accessed through CHIP is tax-free and will not affect CPP or OAS.

Income Advantage

Income Advantage is a reverse mortgage, a loan secured against the value of the home. If you want the convenience of monthly or quarterly advances, Income Advantage is the product for you.

Unlike a loan or a regular mortgage, with Income Advantage you are not required to make regular mortgage payments. The loan is repaid only when you no longer live in the home.

You, as the homeowner, are required to keep the property in good condition, up-to-date with property taxes and home insurance. That’s it. The money received is tax-free and can be used however you wish.

  • Keep home ownership

    You can now stay in their home and community. Homeowners maintain complete ownership and control of the home for as long as they choose to stay.

  • No regular monthly payments

    With a CHIP Reverse Mortgage, there are no regular mortgage payments until the homeowner decides to move or sell.

  • Relieve financial stress

    Up to 55% of the equity in the home is available and can be used however the homeowner wishes.

  • Take control

    You can get their finances under control and gain the freedom to set their own plans and priorities.

Income Advantage can help you:

  • With the convenience of regularly scheduled advances
  • By providing additional income
  • Preserve investment portfolios longer
  • Lower tax liabilities long term*

* Always consult your accountant or financial advisor.

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Frequently Asked Questions

  • Who can qualify?

    CHIP requires no health checks. It is required that you are over 55, own the home, and use it as your primary residence.

  • How much of the home’s equity can be accessed through CHIP?

    CHIP lets you access up to 55% of your home’s appraised value.

  • How will my client’s receive their money?

    The CHIP Reverse Mortgage is structured to ensure you get the money you need in precisely the way you want it. You can access your money in monthly installments or initial and periodic advances — or choose a combination of these options.

* Always consult your accountant or financial advisor.

  • When it’s time to repay the loan, could my other assets be affected?

    We guarantee that the amount to be repaid will never exceed the fair market value of your home. Your other assets are completely protected.

  • Will the bank own my home?

    No. You retain the title and maintain ownership of your home. It’s required for you to live in the home, pay taxes on time, have property insurance, and maintain the property in good condition.

  • What if I have an existing mortgage?

    Many of our clients use a reverse mortgage to pay off their existing mortgage and debts. For more information about a CHIP Reverse Mortgage, contact Jody

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Questions? Feel free to contact us!

Jody Henry believes in making sure you’re educated about your reverse mortgage. Call or email for your free consultation of your existing mortgage, to inquire about purchasing or renovating a home, or simply to know your options!

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Contact Us

Email: jody@arrowsmithmortgage.com

Toll Free: 1-888-952-4172
Office: 250-752-4172
Cell: 250-951-6218

Areas Served

Arrowsmith Mortgage Corporation
Reverse Mortgages for seniors 55 plus across all of Canada

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