A reverse mortgage is a very unique product in that it allows you to access the equity in your home without the monthly payments of a typical mortgage. This product is ideal for seniors to use the equity how they please for retirement.
Directly from CHIP, here is more information on their reverse mortgages:
What if you had the money to travel, pay off debts, renovate your home, and help your children buy a home or just have more income to do more of the things you wanted to do? CHIP Canada Home Income Plan / Reverse Mortgage Canada could be just what you need. It’s the simplest and sensible way to use and unlock your home’s equity and turn it into a steady flow of income or a lump sum cash payment to help you enjoy life on your terms.
A reverse mortgage secured by the equity in your home.
It is not like a traditional mortgage where you need to make regular monthly payments or qualify with your income, payments are always optional and there is no income required to qualify. You do not have to make any payments – principal or interest – for as long as you or your spouse live in your home. This is the reason why Canadian’s like yourself are taking advantage of this new method of using your home’s equity and reverse mortgage solutions to create financial freedom and start enjoying your retirement.
Reverse Mortgage is designed exclusively for homeowners age 55 and older. This age qualification applies to both you and your spouse.
Did you want a monthly income cheque or receive a lump sum, it’s Your choice. You have the option of receiving a lump sum advance now or have a portion as lump sum and the remainder as monthly income or just invest it until you need it in the future.
The money is tax-free. It is not added to your taxable income so it doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive.
It’s your money! Spend it any way you like... Pay off all your debts, Take an extended vacation, help your children with their home purchases, use it as an investment or just use it to increase your monthly income.
No payments are required while you or your spouse live in your home. The full amount only becomes due when your home is sold, or if you no longer live in the home.
You are always the Owner and have full control of your Home. You will never be asked to pay off your reverse mortgage for as long as you or your spouse lives in the home. You and your family will always remain the owners of your home just as it’s always been. If you or your spouse were to pass on, the mortgage is still not due and everything remains in good standing. Just keep up with maintenance of the home, the property taxes and fire insurance.
CHIP are financial professionals experienced in reverse mortgages and with the CHIP Home Income Plan program. They have been assisting Canadian seniors for 20 years and are committed to helping you with all your reverse mortgage needs. They not only represent CHIP Home Income Plan for seniors but we have over 40 different lenders and banks and 1000′s of different lending and financial products to serve your every situation and need.