Are you 60 years of age or older and find that your cash flow isn’t what it used to be? If you’re struggling to make ends meet then a reverse mortgage could be for you. Or perhaps you’d like to access the equity in your home for investment purposes but don’t want an extra payment. Then a reverse mortgage could be for you.
What is a reverse mortgage? It is a mortgage that doesn’t require any monthly payments at all for as long as you live in your home.
You can get up to 40% of the value of your home in tax-free cash. If you’ve got debts with high monthly payments you can include them in your reverse mortgage and possibly get rid of ALL your monthly payments.
The fact that you don’t have to make any payments – principal or interest – for as long as you or your spouse live in your home is what has made reverse mortgages such a popular solution in Canada, the U.K., the U.S., Australia and other countries
The specific amount that you’re eligible for is based on your age and that of your spouse (both of you must be at least 60), the location and type of home you have, and your home’s current appraised value
You can choose how you want to receive the money. Reverse mortgages offer a lot of flexibility. You have the option of receiving all the money you’re eligible for in one lump sum advance, or you can take some now and more later, or you can receive planned advances over a set period of time. You can even combine a lump sum advance at the beginning with ongoing advances over time
You receive the money 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
You can use the money any way you wish. Maybe you want to build up your savings 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 any outstanding loans secured by your home must be retired with the proceeds from your CHIP Home Income Plan.
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 move out.
You maintain ownership and control of your home. You will never be asked to move or sell to repay your CHIP Home Income Plan. All that’s required is that you maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.
For more information call 1.877.336.3545 or apply here.
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Servicing residential mortgage clients in Ontario, Quebec, New Brunswick, Nova Scotia, Newfoundland, Prince Edward Island, Manitoba, Alberta, British Columbia and Saskatchewan