The CHIP Home Income Plan is a home equity loan available exclusively to Canadian homeowners 55 or older.
With the CHIP Home Income Plan, you can take up to 50% of the value in your home as tax-free cash. But, unlike a traditional loan, you never have to make a payment until you choose to move or sell – although you can make payments if you so choose.
The CHIP Home Income Plan has other advantages over traditional loans. For example, there are no income qualifications and once you receive the loan, it can never be recalled.
For more information: http://www.chip.ca/about-chip/