Wouldn't it be nice if you had the money to do more of the things you want to do? You may benefit from A CHIP Reverse Mortgage Advantage. This option is a simple and sensible way that you can unlock value in your home and turn it into cash to help you enjoy life on your terms.
BENEFITS OF A CHIP REVERSE MORTGAGE ADVANTAGE
The money you receive is tax-free. Therefore, it does not affect you Old Age Security (OAS) or Guaranteed Income Supplement (GIS). Most of all, homeowners are not required to make any regular mortgage payments while they live in their home.
You can use the money any way you wish. Such as updating your home or helping your family without depleting your savings. Maybe you want to enjoy your retirement or cover unexpected expenses. The possibilities are endless!
You maintain ownership and control of your home.
You will never be asked to move or sell to repay your CHIP Reverse Mortgage. When you do sell your home, you keep all the equity remaining in your home. In many years of experience, 99% of homeowners have money left over after repaying their CHIP Reverse Mortgage. On average, homeowners have about 50% of the value of the home at the time of sale.
Requirements of a CHIP Reverse Mortgage
Before you can receive money from a CHIP mortgage, you will have to use the CHIP funds to pay any outstanding loans secured by your home. These loans can include mortgages, home equity lines of credit or liens. In addition, once you receive the loan, you are required to maintain the property and stay up-to-date with property taxes, fire insurance, and condominium/maintenance fees.
For more information on this product please call our specialist Cameron Mackie at 1.877.754.2004. Or to apply click here.