Chip Reverse Mortgage
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Is the CHIP Reverse Mortgage Right for You?
As a Canadian aged 55+, choosing the right financial solution for retirement is crucial. The CHIP Reverse Mortgage by HomeEquity Bank offers a flexible option to address various financial needs. Whether you’re looking to consolidate debt, enhance cash flow, or manage expenses, the CHIP Reverse Mortgage can help. It allows you to cover bills, handle unplanned costs, and even enjoy new opportunities like travel or purchasing a vacation property. Explore if the CHIP Reverse Mortgage is the ideal choice for your retirement needs.
The Versatility Of The Chip Reverse Mortgage
INHERITANCE
Helping kids or grandkids with a down payment for a home, being around to see the kids enjoy their inheritance.
HOMECARE OR ASSISTED LIVING FOR ONE SPOUSE
In need of homecare or assisted living for one spouse and thinking they must sell their home.
BRIDGE FINANCING
Need temporary funds to cover the gap between selling and buying property or to address short-term financial needs.
GREY DIVORCE
One spouse buying the marital home from the other.
FINANCIAL SHORTFALL
Outliving savings and thinking they must sell their home, dipping into their RRIF, selling when market is down.
CHILDREN'S FINANCIAL ASSISTANCE
Kids needing to help parents with monthly expenses.
DECLINED FOR CREDIT
Income is too low, poor credit history, tax arrears, borrowing from high interest rate lenders.
REAL ESTATE INVESTMENT
Purchase of real estate for investment, leisure or delaying sale of existing property
RETIREMENT DREAMS MAJOR PURCHASE/ EXPENSE
Rightsizing and keeping some funds to enjoy life. Purchase a motor home, trailer, car, or fund a renovation.
FINANCIAL STRAIN
Constantly in overdraft, making minimum payments on credit cards.
DEATH OF SPOUSE
Loss of OAS, part of CPP and housing cost doesn't change. Needing to requalify for revolving credit. Credit no longer life insured due to age.
Customizable Solution
Clients can access equity in their home and receive the funds in the amount they desire.
Who can qualify?
- Canadian homeowners
- Age 55 or better
- Home must remain your
- Primary residence
For more information, please contact us.
*Some conditions apply
CHIP Reverse Mortgage BENEFITS
Unlock the value in your home and turn it into cash with a CHIP Reverse Mortgage. It’s a simple way to get the funds you need to enjoy life on your terms.
Equity Protection
Most homeowners still have 50% of their home's value when the loan is repaid.
Tax-Free Money
The money you receive is tax-free and won’t affect your OAS or GIS benefits.
Use It Your Way
Whether it's for retirement, home updates, or helping family, you can use the funds as you wish.
Keep Your Home
You maintain ownership and control of your home. The loan is only due when you and your spouse no longer live there.
No Regular Payments
No mortgage payments are required while you or your spouse live in your home.
CHIP FAQS
How does it work?
A CHIP Reverse Mortgage allows you to access up to 55% of your home’s value, with no regular payments required while you live there.
Who is it for?
Homeowners aged 55 and older.
How much I get?
The amount depends on your age, home location, and appraised value. Contact me for a quick estimate.
How do I received the money?
You can choose a lump sum, planned advances, or a combination.
Will I owe more than the home is worth?
No. In most cases, homeowners have money left over when the loan is repaid.
Do I still own my home?
Yes. You retain ownership and title.
What if I have existing mortgage?
You can use a reverse mortgage to pay off your existing mortgage and other debts.
Is it last resort?
No. It's a strategic financial option recommended by many professionals.
What are the fees?
There are one-time fees for appraisal, legal advice, and administration, which are covered by the loan.
No Monthly Payment Required:
You won’t have to make any payments as long as you live in your home.
Contact me today to learn more or find out how much you can receive!
Why Choose a Reverse Mortgage Over a HELOC?
When it comes to tapping into your home equity, two popular options are a Home Equity Line of Credit (HELOC) and a reverse mortgage. Here’s why a reverse mortgage might be the better choice for you:
Benefits of a CHIP Reverse Mortgage:
No Monthly Payments:
Ideal for retirees on a fixed income, with no need for continuous credit checks.
Easier to Qualify:
Ideal for retirees on a fixed income, with no need for continuous credit checks.
Spouse Protection:
The loan isn’t due until both homeowners no longer live in the home, offering security in the event of a spouse’s passing.
No Monthly Payments:
Fixed Rates:
Lock in rates for up to five years, unlike the fluctuating interest rates of a HELOC.
Benefits of a CHIP Reverse Mortgage:
Easier to Qualify:
Ideal for retirees on a fixed income, with no need for continuous credit checks.
Spouse Protection:
The loan isn’t due until both homeowners no longer live in the home, offering security in the event of a spouse’s passing.
Fixed Rates:
Lock in rates for up to five years, unlike the fluctuating interest rates of a HELOC.
Want to learn more?
Contact me to see how a CHIP Reverse Mortgage can help you tap into your home equity.
What is the No Negative Equity Guarantee?
The No Negative Equity Guarantee* ensures that as long as you meet your property taxes and mortgage obligations, you will never owe more than your home’s fair market value. If the sale of your home doesn’t cover the mortgage balance, HomeEquity Bank will cover the difference.
Rare Shortfall
It’s uncommon for a home to sell for less than the mortgage balance. HomeEquity Bank limits lending to 55% of the home’s value. nce.
Equity Protection
Over 30 years, 99% of reverse mortgage holders have had equity left in their home, often around 60%.
Interest Impact
Increasing home values generally offset interest costs, preserving your equity.
Contact me to learn more about the CHIP Reverse Mortgage and how it can benefit you!
Guarantee applies if you maintain the property, pay taxes and insurance, and the property is not in default. Administrative expenses and interest accrued after the due date are not covered.
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