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Free Closing Costs on CHIP Reverse Mortgages

CHIP-Reverse-MortgageFor the first time ever, Canada’s reverse mortgage provider (CHIP) is waiving borrower’s closing costs.

This is a limited time promotion that saves seniors $1,495 on legal, closing, and administrative fees.

The promo applies to 3- and 5-year terms only. Borrowers must apply by Nov. 30 and close by Dec. 31.

It’s good to see CHIP cutting seniors some slack on borrowing costs. The company has monopoly pricing power and its rates haven’t dropped much since way back in 2009, despite more favourable funding costs. (In Nov. 2009, CHIP cut rates bigtime after receiving its bank status.)

CHIP is a product of HomEquity Bank.

Rob McLister, CMT