A CHIP Reverse Mortgage is secured by the equity in your home. Unlike a traditional
mortgage in which you make regular payments to someone else, a reverse mortgage pays you.
Start With An Estimate
Use our estimate tool or reach out to us for help with an estimate.
Review your options
You're in control. Pick the best option for your needs. We show you the options from both the banks.
Receive Your Funds
Choose either a lump sum, or payments depending on your needs.
Advantages & Benefits
Tax Free Retirement Funds
It is not added to your taxable income so it doesn’t affect Old Age Security (OAS) or Guaranteed Income
Supplement (GIS) government benefits you may receive.
Use the money as you desire.
Enjoy your retirement, cover unexpected expenses, travel or anything else. Perhaps you want to update your
home or help your family our kids with down-payment without depleting your current savings.
No Payments Required
No regular mortgage payments are required while you or your spouse live in your home. The full amount
only becomes due when you and your spouse no longer live in the home.
Keep Full Ownership and Control.
You will never be asked to move or sell to repay your CHIP Reverse Mortgage. All that’s required is that
you maintain your property and stay up-to-date with property taxes, fire insurance and condominium or
maintenance fees while you live there.
Although rare, it is possible that the home sale value falls short of the loan repayable amount. Due to
the negative equity gurantee, the amount paid on the due date will not exceed the fair market value of
Reverse Mortgages Approved.ca is a division of Citadel Mortgages.
Citadel Mortgages is licensed in the following: Ontario FSRA 12993 – Saskatchewan FCAA 509446, Nova Scotia 2021-3000010 – Alberta, PEI, Nunavut, Newfoundland 21-07-CI083-1. New Brunswick 210031130, British Columbia X301267
All rights reserved
“Instant Approval, Conditional Approval, Pre-Approval” – Borrower subject to credit and underwriting approval. Not all borrowers will be approved for conventional financing or equity financing. Receipt of borrower’s application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, Annual APR is subject to approval and underwriting, APR includes all fees and rate which is calculated on a yearly term. APR varies contact us for current rates or more information on a specific product. OAC. Please note that an admin fee of $500 may be applicable to discounted mortgage products / rates offered by Citadel Mortgages. All discounted mortgage products may be subject to an exclusivity agreement between applicant(s) and Citadel Mortgages. We thank you for your continued support and look forwarding to providing our beloved customers an unparalleled level of service, ethics, and deal transparency. Please note some rates are based on province and are subject to change at anytime