A CHIP Reverse Mortgage in Canada is a financial tool for homeowners aged 55 and over that converts a portion of their home’s equity into tax-free cash without needing to sell or move. Unlike a typical mortgage, the lender pays the homeowner either as a one-time lump-sum or scheduled payments. The loan is repaid when the homeowner decides to sell or the last homeowner leaves the home. A CHIP Reverse Mortgage is a useful way to supplement retirement income, finance a significant cost, or improve lifestyle, while still retaining home ownership. However, one must consider that the amount owed grows over time due to interest, potentially leaving less for the homeowner’s heirs. Thus, this financial tool requires careful consideration and informed decision-making.