Is a CHIP Reverse Mortgage right for you?
If you're over the age of 55 in Canada, much of what you own may fit into two categories: the equity in your home and your savings. Your property as likely appreciated over the years and now holds the majority of your net worth. With a CHIP Reverse Mortgage you can change the home equity balance by turning some of your equity into cash.
What makes this program so successful is that participants may only take up to 55% of the current value of their home, which ensures you have access to all of the cash you want but also the security you need.
- You’re never obligated to make any payments until you decide to move or sell.
- You're guaranteed the amount that you/your estate eventually has to repay won't exceed the fair market value of your property at the time it is sold
- Whether you wish to receive your money gradually over time or in one lump sum, the choice is yours
- If at any time you want to repay the principal and interest in full or switch to paying your interest in annual or monthly payments, you may.
- Regardless of your current financial situation or health, you don't need to provide information about your income, or medical history