If you are like many other Canadians over the age of 55, your assets include the equity in your home and the money you’ve saved. There is also a good chance that your home’s value has significantly increased over the years and represents a good portion of your net worth. While having a home that has increased value is a positive thing, you typically can’t spend that value unless you sell. And that’s something many homeowners simply do not want to do. The other option is putting a mortgage on the property – but then you may have to qualify on an income that is now reduced and make regular monthly payments that your budget won’t allow.
We can offer you a CHIP Reverse Mortgage which is a Canadian financial solution that benefits Canadian homeowners, has been available to Canadian homeowners since 1986 and is provided by Home Equity Bank, a Schedule 1 Canadian Bank.
A CHIP Reverse Mortgage lets you turn some of your equity into cash without any obligation to make any payments until you move or sell. What makes this program successful is that participants can only access up to 55% of the home’s value, ensuring you have access to the cash you want and the peace of mind you need. To benefit from a reverse mortgage, there’s no need to provide information about your income or medical history, allowing you the right to access the equity in your own home, regardless of your current income or health.
With the ability to structure a reverse mortgage your way, you get the money you need in precisely the way you want it. Whether you want to receive your money over time in monthly installments or in one lump sum, the choice is yours. Similarly, if at any time you would like to repay the principal and interest in full or switch to paying interest on an annual or monthly basis, you can do that too.
We understand you have worked hard to become a homeowner and mortgage free. With a reverse mortgage, you always maintain control of your home, you will never be forced to sell or move as a result of changing home values or income (remember, there are no payments required). A reverse mortgage will also guarantee the amount that you or your estate eventually has to repay will never exceed the fair market value of your home at the time it is sold. There’s no reason your home should ever be a burden to you or your family.
A reverse mortgage is a great alternative for a tax-free income supplement instead of reducing your retirement savings. Peace of mind for children helping provide care for their aging parents who want to stay in their homes, or accessing cash for much-needed renovations or home maintenance and repair.
Call today to review your options.