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Ownership & Estate Protection

Ownership protection

With a CHIP reverse mortgage, title remains in the homeowner’s name and they will never be asked to move or sell to repay their Home Income Plan. The homeowner is responsible for up-to-date payment of property taxes, fire insurance and condominium/maintenance fees, and maintenance of the property.

Estate protection

In more than 20 years of our experience, over 99% of homeowners have equity remaining upon repayment.

The amount to be repaid is guaranteed not to exceed the fair market value of the home at the time it is sold, protecting the homeowner or the estate.

CHIP’s conservative lending practices combined with typical home appreciation result in clients maintaining, on average, at least 50% of their home equity at the time of repayment. In this illustration, home equity appreciates by 5.6% annually (20-year national house appreciation average Source: CREA 2007) with a CHIP Home Income Plan initial interest rate of 8% with long-term discounts applied. These assumptions are not indicative of future market performance or interest rates. Actual results may vary.

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