What is a Reverse Mortgage?
A reverse mortgage can be the difference between selling your home and living the comfortable retirement that you have worked so hard for.
The CHIP Reverse Mortgage is a loan secured against the value of the home. There are no regular mortgage payments – meaning you can allocate the money towards what you really need it for.
A reverse mortgage is best suited for people age 55+ who own a house, condo or townhouse and want to either increase their cash flow or access equity without making monthly payments, and are not planning on moving out.
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.
You can use the money any way you wish. Maybe you want to enjoy your retirement or cover unexpected expenses. Perhaps you want to update your home or help your family without depleting your current savings. The only condition is that 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.
You keep all the equity remaining in your home. In many years of experience, 99 out of 100 homeowners have money left over when their CHIP Reverse Mortgage is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.
For more information on reverse mortgages please contact Jaret today at 604-816-5988
Monday to Saturday between the hours of 8:00 am to 6:00 pm PST we will respond within an hour
or send us an email and we will respond within 24 hours of receiving your email.