How Does a Reverse Mortgage Work in Canada Access up to
55% of the value of Your Home – the Process is Easy!
|
|
|
|
What is a Reverse Mortgage?
A reverse mortgage is a loan secured against the appraised value of your home. It is designed exclusively for Canadian homeowners aged 55 years and older. It enables you to convert up to 55% of your home’s value into tax-free cash, while staying in your home. You don’t have to make any regular mortgage payments or pay back the loan until you move or sell.
Since the CHIP Reverse Mortgage is designed exclusively for Canadians over 55, it’s easier to qualify for than other lending options – you need to be a Canadian homeowner 55+ and the property is your primary residence. The amount you qualify for will depend on factors such as your age, the appraised value of your home, its location, and the type of home.
Since the CHIP Reverse Mortgage is designed exclusively for Canadians over 55, it’s easier to qualify for than other lending options – you need to be a Canadian homeowner 55+ and the property is your primary residence. The amount you qualify for will depend on factors such as your age, the appraised value of your home, its location, and the type of home.
How Do Reverse Mortgages Work in Canada?
A reverse mortgage is a secure solution for Canadian homeowners age 55+ to access their home equity and turn it into tax-free cash, without having to pay any regular monthly mortgage payments. This allows you to access tax-free cash without having to move, sell or downsize.
With a CHIP Reverse Mortgage from HomeEquity Bank you always retain the ownership of your home and maintain title. You will never be forced to move or sell your home, even if your income or home value changes.
We guarantee the amount that you or your estate eventually has to repay will never exceed the fair market value of your home at the time it is sold. Your home should never be a burden to you or your family. If your home goes up in value, the appreciation is all yours. You just need to maintain your property and pay the taxes and insurance.
With a CHIP Reverse Mortgage from HomeEquity Bank you always retain the ownership of your home and maintain title. You will never be forced to move or sell your home, even if your income or home value changes.
We guarantee the amount that you or your estate eventually has to repay will never exceed the fair market value of your home at the time it is sold. Your home should never be a burden to you or your family. If your home goes up in value, the appreciation is all yours. You just need to maintain your property and pay the taxes and insurance.
Sometimes you need a little extra cash. |
The money can be used however you choose. |
You only repay when you move or sell your home. |
|
A limited income during retirement combined with rising costs of living means many Canadians may have trouble maintaining their lifestyle – but there are always financial options available to help.
|
The funds from a reverse mortgage can help:
|
Best of all, a reverse mortgage loan doesn’t need to be repaid as long as you live in the home. If the property is sold, all remaining equity after repayment of the loan is left to the homeowners or their estate.
|
You may be able to access up to 55% of the appraised value of your home’s equity.A Reverse Mortgage is a financial solution that enables Canadian homeowners age 55+ to access part of their home’s equity while retaining full ownership and title.
|
You have financial flexibility.How you receive your funds it completely up to you – whether you’d like to have the full amount all at once as a lump sum or spread out into regular monthly deposits.
|
What you see is what you get.The money received from a Reverse Mortgage is tax-free and requires no monthly mortgage payments.
|