CHIP Reverse Mortgage Calculator

Retirement can bring financial strain. Often, seniors face the challenge of managing with less cash flow. But their unforeseen expenses can leave them with no other option than to sell their home.

I understand how it must feel to even think about losing the home you have built. Which is why, I offer a mortgage product with low interest. And it requires no monthly payments!

Your home’s value has grown over the years. And it makes up a decent portion of your net worth. Hence, the Canadian Home Income Plan (CHIP) Reverse Mortgage allows you to turn up to 55% of your home equity into tax-free cash. However, there are some factors related to accessing this capital. Mostly age, property location, home type and appraised home value.

HomeEquity bank is the only bank offering the Reverse Mortgage to older Canadian homeowners. With the smart and simple ways to use the value of their home, you can worry less during retirement.

Don’t to sell or move because you’re retired now! CHIP might be the solution for you.

Reverse Mortgage

 

Features of a CHIP Reverse Mortgage

  • Homeowners age 55 and older
  • Monthly payments are not required
  • Income qualification not needed
  • No Credit requirements
  • Qualify for up to 55% of the value of the home
  • Money can be received as a lump sum, or over time or combination
  • Owner maintains title
  • They can sell or move at anytime
  • Receive the money tax free

Eligibility Requirements

  • Homeowner Age 55+
  • $150,000 Minimum Home Value
  • Must be Your Primary Residence

The interest rates vary from 3.99% to 4.79% (sourced from CHIP). As your trusted Mortgage Agent, I will do the story telling and presentation for free. So, you get the maximum amount of equity fro your home. Call me now to discuss more (647) 568-5120!

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