CHIP Open is a Reverse Mortgage loan, secured against the value of the home. This product is designed for homeowners age 55+ searching for a short-term financing solution with the option to repay the full loan amount at any time without prepayment penalties. Unlike a loan or a conventional mortgage, CHIP Open does not require regular monthly mortgage payments.
As the homeowner you are required to keep the property in good condition, stay up-to-date with property taxes and property insurance. The money received from CHIP Open is tax-free and can be used however you wish.
CHIP Open can help you:
- Obtain the capital to seize a new opportunity
- Pay off existing debts
- Assist with bridge financing needs
- Handle unexpected expenses
3 Easy Step Process
- Find out how much you could qualify for by using our online calculator
- Get started by contacting one of our Reverse Mortgage Specialists
- Receive your tax-free cash!
Frequently Asked Questions
1. Who can qualify?
- You and your spouse must be 55+
- Your home value needs to be at least $300,000
- Your Home must be your primary residence
2. How much of the home’s equity can be accessed through CHIP Open?
- Access up to 55% of your home’s appraised value.
3. What happens if my home’s value depreciates to be less than my reverse mortgage amount?
- We guarantee that the amount to be repaid will never exceed the fair market value of your home*.
4. Can I convert a CHIP Open loan into a standard CHIP Reverse Mortgage?
- Yes, you can choose to convert at any time, but there is a conversion fee of $500. You will be subject to the terms and conditions of the CHIP Reverse Mortgage. Prepayment privileges and penalties may apply.
5. Will the bank own the home?
- No. You retain the title and maintain ownership of your home. As the homeowner you are responsible to have the home as your primary residence, pay taxes on time, pay property insurance, and maintain the property in good condition.
6. Can I get CHIP Open if I have an existing mortgage?
- Many of our clients use a reverse mortgage to pay off their existing mortgage and debts.
*Conditions apply. You must maintain the condition of your property and your taxes and insurances must be up to date. Guarantee excludes administrative fees and interest accumulated after due date.