CHIP Reverse Mortgages
Canada's Mortgage Experts - Based in Nanaimo & Courtenay -> Serving Vancouver Island and all of BC
What is a CHIP Reverse Mortgage?
It's a financial solution designed for Senior Canadian homeowners
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.
CHIP Reverse Mortgage Quick-Facts and Features
Tax Free Money
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.
Maintain Ownership of Your Home
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.
Use The Money Anyway You Wish
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.
Keep All Remaining Home Equity
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.
No Repayment While Living In your Home
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.
A reverse mortgage can be an excellent option to provide extra monthly income or to take a lump sum of equity
out of your home while not incurring any ongoing monthly payments. Some of my clients have used a reverse mortgage
to pay off their current mortgage, which then frees up their pension income and investment income to spend as
they wish instead of making monthly mortgage payments. There is no hidden agenda or fine print that is designed to
put you in a bad position. A reverse mortgage simply allows you access to the equity in your home and instead of making
payments like a regular mortgage, the interest is accrued on to the balance. You will never be forced to move or sell as long
as you or your spouse remains in the home.
With over 12 years of experience in business and finance I have the knowledge and background to make sure
you are given the best advice and options given your specific circumstances. I do not charge a fee for my services
on a reverse mortgage. I am here to provide you with the best service I can and make the process as smooth as possible.
It never hurts to look at your options to make sure you are as informed as you can be before making a decision. Allow
me to walk you through the process and see if a reverse mortgage is the right fit for you.
Free, Local, Expert Advice!
To Find out more, contact Aaron for a no obligation consultation
Or you can fill out the form below and I will get back to you as soon as possible