Unlike a traditional mortgage where you make payments to a bank or someone else, a reverse mortgage pays you. You can use the money in anyway you see fit and live your retirement comfortably knowing you don’t need to leave your home.
The biggest benefit of the CHIP reverse mortgage is that you are not required to make regular payments for as long as you or your spouse lives in your home.
The money you receive does not constitute a part of your taxable income, meaning that your Old Age Security (OAS) and Guaranteed Income Supplement (GIS) is not affected.
Contrary to popular belief, you will not lose your home with a Canadian reverse mortgage. You’ll never be asked to move or sell to repay your CHIP Reverse Mortgage. The requirement is to maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.
A reverse mortgage can help you enjoy your retirement or cover unexpected expenses. Pay for medical bills, upgrade your home, help family and loved ones, travel and pay monthly expenses without depleting your current savings. The only condition is that any outstanding loans secured by your home must be paid out with the proceeds from your CHIP Reverse Mortgage.
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.
To qualify you must be a Canadian home owner, 55 years of age or older. The age qualification applies to both you and your spouse. Get up to 55% the value of your home; No credit, no health check and no income needed. Your home must be your primary residence.
Regular mortgage payments are not required while you or your spouse are living in the home. The full amount only becomes due when you and your spouse no longer live in the home.
With our comprehensive expertise in reverse chip mortgages, we stand as your trusted guide in navigating this specialized financial landscape. Our team is uniquely positioned to discern the nuances of each lender’s offerings, including their targeted market segment, preferred product mix, and specific criteria regarding security, interest rates, fees, and debt service coverage.
By leveraging our in-depth understanding of reverse chip mortgages and strategic insights into lender preferences, we ensure that your financial objectives are seamlessly aligned with the most suitable lender. This personalized approach maximizes the likelihood of success for your reverse chip mortgage investment, providing you with peace of mind and financial security.
We will help you find the best rates and best mortgage options to help you finance your endeavour. Call us today, we are here to help!
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