Unlike a regular loan or mortgage, with CHIP, you are not required to make payments. You’re free to enjoy your retirement. You only repay the loan when you move or sell your home. And you maintain complete control until you decide to do so.
All you’re responsible for are the property taxes and insurance and to keep your property well-maintained.
The money you receive with the CHIP Reverse Mortgage is tax-free. What you do with it is up to you.
