A CHIP reverse mortgage, like a traditional mortgage, is a loan that uses your home as collateral. The security for the loan is your home.
For those 55 and older, you are able to access up to 55% of the value of your home in cash and this cash is tax free.
The money you obtain through a reverse mortgage can be used for anything you desire such as travel, paying off debt, giving an early inheritance your family, renovations and more.
With a reverse mortgage there are no regular payments that are required. Also, the reverse mortgage is paid off once your home is sold or you move.
The CHIP reverse mortgage company will ensure that the amount that needs to be repaid once your house sells or you move will never be more than the market value of your home. Also, if your home appreciates in value, this increase is yours. However, you’re only requirement is to assure that you pay the property taxes and insurance. Also, that you maintain the property.
You remain in control of your home with a reverse mortgage. In addition, with a reverse mortgage there will never be a time where you have to sell or move if your ability to earn money or your homes value changes.
If you are 55 or older, for your assets, this may primarily be the money you have saved and the equity available in your home. As your home appreciates in value over the years and your mortgage balance reduces. From this, you create equity which you can access with a reverse mortgage.
The reverse mortgage lender available for you is a federally regulated schedule one bank and Canada’s leading provider of reverse mortgages. They have been in operation for over 30 years.
As a Certified Reverse Mortgage Specialist, I look forward to assisting you with all of your reverse mortgage needs.