Reverse Mortgages ( CHIP)
A reverse mortgage is as simple as it sounds, a mortgage that pays you, instead of you paying it and there is no repayment of the mortgage. It’s an essential mortgage product for people who are equity rich and cash poor. A reverse mortgage allows a homeowner to cash in their home equity through installments or a lump sum without selling their home.
You make no payments as the amount you borrow gets paid back to the The Home Equity Bank when your home is sold.
To qualify for a reverse mortgage you must be 55 or older and have 55% of available home equity in your current residence.
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.
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.
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 and preserves an appreciating asset.
For Reverse Mortgages needs pls contact Mortgage Broker – Mr Lakhvinder Gill or call – (604) 725-6734
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