About Us Online Banking Careers Becoming a Member Your Community Rates Contact Us Personal Business Wealth Management Planning + Advice PERSONAL MORTGAGES CHIP REVERSE MORTGAGE Banking Borrowing Investing Mastercard® Mortgages Fixed Rate Mortgage Variable Rate Mortgage Construction Mortgages Purchase Plus Improvements Mortgage CHIP Reverse Mortgage Apply Community Mortgage Referral Program Mortgage Special Tools and Calculators CHIP Reverse Mortgage Wouldn’t it be nice if you had the money to do more of the things you want to do? A CHIP Reverse Mortgage helps you unlock the value in your home and turn it into tax-free cash to spend on anything you want. BENEFITS OF A CHIP REVERSE MORTGAGE You receive the money tax-free. 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, and you can use the money any way you wish. The only catch? Any outstanding loans (e.g. existing mortgage or home equity line of credit) secured by your home must be paid out with the proceeds from your CHIP Reverse Mortgage. 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 You maintain ownership and control of your home. 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. On average, 99 out of a 100 homeowners have money left over when their CHIP Reverse Mortgage is repaid, and the amount left over is 50% of the value of the home when it is sold. To learn more about CHIP Reverse Mortgages click here. To read frequently asked questions about CHIP Reverse Mortgages click here. To check out common myths about reverse mortgages click here. Find Branch/ATM Enter address, postal code or branch name List All Branches | Search Tips Privacy Legal Site Map Accessibility Unsubscribe Media Centre Mobile Site 2019 Your Neighbourhood Credit Union Limited. All rights reserved. Your Neighbourhood Credit Union (YNCU) is a licensed credit union operating in, and under the laws of, the province of Ontario. The Financial Services Regulatory Authority of Ontario (FSRAO) provides insurance coverage for our member's deposits.