These days, more and more Baby Boomers in their late forties are moving into bigger homes, and taking out equity to cover property upgrades and other expenses, such as vacation homes or investments. Because their cash flow is still strong at this stage in their lives, it’s a move that they can afford to make.


But what about older Canadians who need cash for similar expenses but are retired and/or living on a limited income?

The good news is that if you’re 62 or older, you can take out a Canadian Home Income Plan (CHIP) reverse mortgage on your home. If approved for a reverse mortgage on a piece of Toronto or Mississauga real estate that you own, you will receive up to 40% of its value (up to a maximum of $500,000).

The Benefits of a Reverse Mortgage