Reverse Mortgages"Eat" Your House and Keep It Too!
Reverse Mortgages: An Early Inheritance, Income Supplement, Source for Investment Funds and More!
Wouldn’t it be nice if you had the money to do more of the things you want to do? Reverse Mortgages to the rescue! It’s the simple and sensible way to unlock the value in your home and turn it into cash to help you enjoy life on your terms.
Benefits of CHIP Reverse Mortgages
You receive the money tax-free. It is not added to your taxable income therefore 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.
How does a CHIP Reverse Mortgage work?
The big advantage with the CHIP Reverse Mortgage is that you do not have to make any regular mortgage payments for as long as you or your spouse lives in your home. That’s what has made reverse mortgages such a popular solution in Canada, the U.K., the U.S., Australia and other countries
Who is it for?
How much can I get and how is it calculated?
How do I receive the money?
Will the homeowner owe more than the house is worth?
Will the bank own the home?
What if the homeowner has an existing mortgage?
Should reverse mortgages only be considered as a loan of last resort?
What fees are associated with reverse mortgages?
There are one time fees to arrange a reverse mortgage such as an appraisal fee, fee for independent legal advice as well as our fee for administration, title insurance, and registration. Your only out-of-pocket expense is the appraisal fee, all other fees are paid for with the funds from the reverse mortgage.
Why Not Contact Me Today for a No-obligation Mortgage Quote?
My normal business hours are 9am to 9pm. If you contact me during those times I guarantee a response within 30 minutes. Outside of these regular business hours It may be a few hours until you get a reply. If you're really in a hurry - like your bank just refused to approve your mortgage - please text me a quick message with the story and I will try to get back to you ASAP.