Robert McLister·Reverse Mortgages·September 2, 2007New Reverse Mortgage Option Canada will soon have a 2nd company offering reverse mortgages. Seniors Money International (SMI) will launch Monday in Toronto and then go national next year. Canadian Home Income Plan Corp. (CHIP) is the only mainstream reverse mortgage option currently available in Canada. CHIP has 6,560 reverse mortgages outstanding. SMI will compete in several ways with the biggest difference being its roughly 0.75% lower interest rates. It will be interesting to see how CHIP responds. Toronto Star Article Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.