Wouldn't it be nice if you had the money to do more of the things you want to do? A CHIP Reverse Mortgage could be just what you need. It's 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
The money you receive is tax-free. It is not added to your taxable income so it does not 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 you pay any outstanding loans (e.g. existing mortgage or home equity line of credit) secured by your home with the proceeds from your CHIP Reverse Mortgage. Homeowners will not be required to make any regular mortgage payments while they live in your home.
You maintain ownership and control of your home.
You will never be asked to move or sell to repay your CHIP Reverse Mortgage. Home0wners are required to maintain their 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, homeowners have about 50% of the value of the home at the time of sale.
For more information on this product please call our specialist Cameron Mackie at 1.877.754.2004. Or, if you wish to apply, click here.