CHIP Reverse Mortgage

Understanding a CHIP Reverse Mortgage

A CHIP Reverse Mortgage is a unique financial product designed for Canadian homeowners aged 55 and older. It allows you to borrow against the equity in your home without having to sell or make monthly payments. Instead, the loan is repaid when you sell your home or move out permanently.

The beauty of a CHIP Reverse Mortgage is its flexibility—it provides tax-free funds you can use however you like, whether it’s supplementing retirement income, helping family, or tackling home renovations.

How It Works

You must own your home and be at least 55 years old (if you have a spouse, they must also be 55+).
The amount you can borrow depends on your age, your home’s value, and where you live.
You don’t need to make regular payments, as the interest is added to the loan balance over time.

The loan is repaid when your home is sold, or the last borrower moves out permanently (e.g., to long-term care).

Example 1: Supplementing Retirement Income

Meet Linda and Bob (Aged 70 and 68):
Linda and Bob live in Kelowna in a home valued at $800,000. They have no mortgage but find their retirement income is stretched too thin to cover living expenses and a dream trip to Europe.

They qualify for a CHIP Reverse Mortgage and borrow $200,000 (25% of their home’s value).
They use $30,000 for their trip and set aside the rest for monthly living expenses.
They don’t need to make any payments, and they continue living in their home.

When they sell their home years later, the loan and accumulated interest are repaid from the sale proceeds. The rest remains theirs or their estates.

Example 2: Helping Family

Meet Ahmed (Aged 75):
Ahmed owns a home in Ottawa worth $1,000,000. He wants to help his granddaughter with a down payment on her first home but doesn’t want to sell his house or dip into his retirement savings.

Ahmed borrows $300,000 through a CHIP Reverse Mortgage.
He gives $150,000 to his granddaughter and keeps $150,000 as a financial cushion.
Ahmed continues living in his home without making monthly payments.

When the home is sold, the loan and interest are paid, and any remaining equity goes to Ahmed or his estate.

If you’re curious about how a CHIP Reverse Mortgage could work for you, I’m here to answer your questions and explore options tailored to your needs!

Key Benefits

No monthly payments are required.
Tax-free money that doesn’t affect CPP or OAS benefits.
You remain the owner of your home.

Considerations

Interest accumulates over time, reducing the equity in your home.
It’s important to discuss your plans with your family or a financial advisor.

Chat with Jacquie

Phone: 250-575-8535

jacquie@jacquiebushell.ca

Online Booking Calendar

Don't Miss Your Mortgage Renewal

Fill out my web form and I will personally email you to remind you of your mortgage renewal.

Sign-Up

Mortgage News:

Young couple sitting on the floor of their house with their dog

Before You Move, Make Sure You’re Solving the Right Problem

Lately, my phone calls start the same way: “Jacquie, we’re thinking about moving.” Why? We need to downsize. We need more space. The house doesn’t work for us anymore. Whenever I hear this, I ask a few more questions. What’s not working? Why isn’t it working? Do you love your location? Where are your friends…

Pride Month: The History of Pride

Early Roots (Early 1900s–1960s) The roots of the gay rights movement go back to the early 1900s, when a handful of individuals in North America and Europe created gay and lesbian organizations such as the Society for Human Rights, founded by Henry Gerber in Chicago in the 1920s. In the 1950s and 1960s in the…

Meet Laura and Philip: A mortgage decision should begin with your life, not a listing.

What Laura and Philip Wanted Laura and Philip reached a point where their home no longer fit their lives. Both had stable careers, strong finances, and many options. Their home felt cramped, and they found themselves thinking more often about moving. The challenge was that they loved where they lived. Their neighbourhood, nearby schools, friends,…

Sarah O'Neill

2 months ago

We have used Jacquie five times for our mortgages and renewals. She is so thorough and explained everything … clearly. Since our first mortgage to now, the process with forms is different but even though it’s easier - Jacquie has always been available to explain the required documents. We appreciate her very much and always recommend her services.

Craig Fournier

Jacquie and her team are outstanding. No judgements just solutions. I have enjoyed the entire process of dealing with her and Ive been through multiple mortgages and this was the most comfortable i've felt dealing with mortgages. Jacquie was very helpful kept us up to date and we never had to chase for answers. I wish more brokers put the time and effort into their clients as Jacquie and her team have. Outstanding Service !!!!

Rebecca Hellam

3 months ago

We have been working with Jacquie for almost six years, and will cry the day she decides to retire. Jacquie is not only an excellent mortgage broker, but a good person, and her warmth and friendliness makes one of life’s most stressful processes so much easier. When our mortgage lender made an error in our renewal, Jacquie immediately contacted them (her responsiveness is incredible!) and not only did she get the error fixed, but she managed to get us an even better deal than we had originally expected. Furthermore, she’s well-connected within the real estate market and has provided several recommendations, which resulted in us finding our new realtor. I can’t say enough positive things about Jacquie, if you work with her, I guarantee you’re in good hands!

Brenda Gayle

For the first few renewals of our mortgage, we white-knuckled it by handling everything on our own, simply accepting what our bank offered. BIG MISTAKE. Once Jacquie and her team got involved, the whole mortgage industry opened up to us. We got a great rate from a different lender, but more importantly, we got someone who truly had our best interests at heart. She listened to what was important to us, answered all our questions, and kept in touch after the papers were signed. I can't recommend Jacquie and her team highly enough.

Claude-Andre Bertrand

4 months ago

I had an outstanding experience working with Jacquie and Lisa for my mortgage renewal. From start to finish, the service was professional, efficient, and genuinely supportive. They took the time to explain every step clearly, answered all my questions with patience, and made the entire process feel smooth and stress‑free. Their expertise and dedication is second to none. I highly recommend them to anyone looking for exceptional mortgage guidance.

Vladimir Harkonnen

5 months ago

Jacquie Bushell was absolutely exceptional throughout our entire mortgage process. From the very first conversation to final approval, she was professional, responsive, and incredibly knowledgeable. She took the time to explain every step clearly, answered all our questions (sometimes more than once!), and made what could have been a stressful experience feel organized and completely under control.

Jacquie went above and beyond to ensure we had the best possible outcome, advocating for us at every stage and keeping us informed the whole way through. Her attention to detail, calm approach, and genuine care for her clients truly set her apart.

If you’re looking for a mortgage broker who is trustworthy, proactive, and truly has your best interests at heart, I cannot recommend Jacquie Bushell highly enough. We are incredibly grateful for her support and expertise.

Jennifer Smart

7 months ago

I had an amazing experience using Jacquie Bushell for my mortgage. After a two year long divorce battle, Jacquie made it so simple to finally buy out my ex husband and I now own my house on my own! As soon as I contacted Jacquie she made everything so easy. Contacting her was so simple and everything went extremely smoothly. I had never done anything like this on my own, in regards to large financial decisions or purchases, but she answered all of my questions very quickly and was able to beat the lawyers timeframe. I would highly recommend Jacquie to anyone looking to acquire a mortgage. I will definitely use her services again in the future.

Sadman Sakib

8 months ago

Working with Jacqui Bushell has been outstanding. As a first-time homebuyer navigating a complex process, I genuinely couldn’t have asked for a more knowledgeable, patient, and supportive mortgage broker.

Jacqui took the time to walk us through every step. She was incredibly responsive—no matter how many stupid questions we asked—and consistently went above and beyond to ensure everything stayed on track.

She genuinely cares. She didn’t just process paperwork; she offered thoughtful guidance, and made the entire experience smooth and stress-free. Her professionalism, expertise, and warm personality made a huge difference.

Truly grateful for her help and would highly recommend Jacqui to anyone looking for a mortgage broker who combines deep expertise with exceptional client care.

Maria Trainer

9 months ago

I've had the pleasure of working with Jacquie for over 12 years, and I truly can't recommend her highly enough. She's guided me through multiple home buying and selling journeys with unwavering professionalism, deep expertise, and genuine care. Jacquie is incredibly patient—she takes the time to walk clients through every step of the process, answering questions thoroughly and calmly, no matter how complex or repetitive.

What sets Jacquie apart is her integrity. She's absolutely committed to securing the best possible rate for you, but never at the expense of what’s right for your situation. She won’t push products you don’t need, and she’ll only recommend switching to her services if it’s genuinely in your best interest. Her honesty, transparency, and client-first approach make her an exceptional mortgage broker—and a trusted partner in one of life’s biggest decisions.

Norbert George

We’ve reached out to Jacquie multiple times over the years for our mortgage needs — whether it was buying a new home, renewing, or transferring. She has always been incredibly friendly, honest, and supportive. Jacquie takes the time to gather every detail, does thorough research, and always provides the best, well-informed advice.

What truly sets her apart is her integrity. There have been times when she advised us not to proceed with certain actions because it wasn’t in our best interest — even though that meant all her effort went unpaid. That level of honesty and dedication is rare and deeply appreciated.

Whenever things didn’t go as we expected, Jacquie was there not just as a professional but as a genuine person — offering emotional support and thoughtful guidance with future options that kept us hopeful and motivated.

We’re truly grateful to have Jacquie as our mortgage broker and wouldn’t hesitate to recommend her to anyone looking for someone they can completely trust.

Dara Brown

10 months ago

Working with Jacquie has been so smooth, whenever we have reached out to her. This is our third time asking for her assistance regarding our mortgage and we definitely plan to keep reaching out, in the future.! She is personable, really listens to you and you really can tell that she cares about her clients. I could not recommend her more!

susan kent

1 year ago

Jacquie is the BEST person to work with you to solve your Mortgage needs. I have dealt with her for over 25 years, and everyone in my family has their mortgages booked through her, along with many friends. She is the only Mortgage Agent that I ever refer to anyone. Look no further! You have found the person that you need to help you and meet your needs.