You might have heard about CHIP Reverse Mortgages and perhaps you have some questions about how they work and who they are for. I am here to answer your questions!
Reverse Mortgages are extremely helpful to those who are over 55 years of age and want to tap in to the equity in their home. This can be for a number of reasons, and here is some information below straight from HomeEquity Bank.
What is the CHIP Reverse Mortgage?
CHIP is a reverse mortgage, a loan secured against the value of your home. It lets you unlock the value in your home without having to sell or move away. The money you receive is tax-free and yours to use as you wish.
- Pay off debts
- Handle unexpected expenses
- Help your children or grandchildren
- Improve your day-to-day standard of living
- Make a special trip or purchase
Benefits of CHIP
Keep your home. Stay in your home and community. Maintain complete ownership and control of your home for as long as you choose to stay.
No payments. With CHIP you never make a payment until you decide to move or sell.
Relieve financial stress. Use up to 55% of the equity in your home to pay off debts or handle unforeseen expenses.
Enjoy retirement. The money you access through CHIP is tax-free.
Take control. Get your finances under control and gain the freedom to set your own plans and priorities.
How CHIP works
Who can qualify?
- Canadian homeowner
- Over age 55
- Own your home
- It’s your primary residence
No health check required
1. Decide whether CHIP is for you.
- Weigh the options with your family and advisors.
2. Receive your money.
- Get up to 55% of your home’s appraised value, tax-free.
- No payments, no restrictions. You maintain ownership and control of your home1
When you decide to move or sell, the proceeds of the home sale repay your loan. The equity left over after repayment is yours.
1 As long as you keep your property in good maintenance, pay your property taxes and property insurance and your property is not in default.
What are the next steps?
If you are ready to get started at looking at your CHIP Reverse Mortgage options, connect with me today!
I can be reached at: