How does a reverse mortgage work?
Your home. It’s where you raised your family and built your memories. When something means this much to you, it can be hard to think about the challenges. But challenges do exist.
If you’re like many people in the Niagara Region, you’ve spent much of your life working hard and diligently making your mortgage payments. Yet now that you need income the most, there’s a good chance the bulk of your net worth is locked up as equity in your home. Fortunately, there’s a solution. By choosing the CHIP Reverse Mortgage, you receive income in your lifetime while retaining full control of the place where you rest your head.
Chip Reverse Mortgage Considerations
• All Rates are dependent on the individual financials
• Calculations need to be reviewed by and expert
1. DECIDE
Decide how much income you think you might need.
2. CONSULT
Call us to find out how much you can qualify for.
3. RECEIVE
Receive the money you need in one lump sum or multiple instalments.
4. REPAY
The full amount only becomes due when you & your spouse pass away, when your home is sold, or if you decide to move.
Changing the Equation
The CHIP Home Income Plan, now called a CHIP Reverse Mortgage, was created by HomEquity Bank, a Schedule 1 Canadian Bank. It was founded 30 years ago as an annuity based solution addressing the financial needs of Canadians who want to access the equity of their top asset – their home.
Secure Source of Income
Simply put, a CHIP Reverse Mortgage is a loan secured by your home with a big difference. With CHIP, you do not have to make any payments interest or principal for as long as you or your spouse live there. All you have to do is keep your property in good maintenance, pay your property taxes and property insurance.
Designed for Homeowners
At your stage of life, excessive risk is the last thing you need. That’s why we specifically designed the CHIP Reverse Mortgage to be financially sound. You maintain full ownership of your home. And we guarantee you’ll never owe more than the fair market value at the time it is sold, so you can rest assured your CHIP Reverse Mortgage will never be a burden to your heirs.
A Canadian Solution
The CHIP Reverse Mortgage was created for the express purpose of helping Canadian homeowners. It is recognized by all of our country’s major banks (and many small ones) as well as credit unions and financial planners.
