The CHIP Reverse Mortgage – a product that helps Canadian Homeowners during their retirement years.
If you are a Canadian homeowner over the age of 55, the CHIP Reverse Mortgage may be a product that is well suited to you.
Many Canadians use the CHIP mortgage as a part of their retirement plan. Using the CHIP allows homeowners to turn their homes’ equity into tax free cash. The CHIP mortgage does not affect your Canada Pension Plan (CPP) , Old Age Security (OAS) or your Guaranteed Income Supplement (GIS).
With the CHIP mortgage you always maintain full ownership of your home and unlike a traditional HELOC or mortgage product there are no ongoing payments required. This provides increased cash flow and financial support throughout your retirement years. You can access up to 55% of your home’s equity, payment and tax free allowing you the freedom to retire on your own terms, all while staying in the home you love.
You are in full control when it comes to your CHIP mortgage. You can decide how you want to access your money, whether it is as a lump sum payment or in instalment payments, The choice is yours. How you choose to utilize your CHIP money is your choice as well, you choose to do what’s best for you!.
You can:
The choice is yours!
It’s easy to apply and qualify for a CHIP Reverse Mortgage:
Qualifying for a CHIP Reverse Mortgage is simple as it is determined by your age, and your property. It is not determined by your credit score or income. As long as the home stays your principal residence, you maintain the home, and keep your property taxes and insurance up to date, there are no payments required.
Repayment is as simple as it is when applying. Repayment is made when the borrower no longer lives in the home.
Myth buster – Surviving spouses on title are not forced to sell or repay the loan as long as they stay in the home. With a CHIP Mortgage, you don’t have to worry about losing all the equity in your home.
The CHIP has conservative lending limits up to 55% of your home’s equity, which means at time of repayment you will still have had appreciating equity working in your favour.
I’d like to share with you three client testimonials and stories so you can see how The CHIP Reverse Mortgage has helped homeowners like you!
Tamara and Roberto
“Our daughter and her husband had been putting aside money to send our granddaughter to university. But it wasn’t enough to cover her tuition in full. We didn’t have the funds available to help cover the tuition cost ourselves. We did not want our granddaughter to graduate with student debt, Then we heard about The CHIP Reverse Mortgage and learned how it could help us pay for her tuition! We were able to access tax free cash from our home and receive the money in lump sum amounts at the beginning of each semester. Best of all we didn’t have to touch our retirement savings, and we feel good knowing our granddaughter will graduate without any debt.”
Alan
“My wife had passed away about 8 years ago, and i had developed some health problems that were making living on my own more challenging each day. I didn;t want to move into my childrens home and place the burden of my care on them. I also didn’t want to move into a retirement home either. I couldn’t bear the thought of selling the home that my wife and I called home for over 35 years. However it seemed like that was the only option. My son heard about the CHIP Reverse Mortgage and we spent some time looking into it. I learned how I could access the equity in my home and use the money to stay in the home I love. I took my money as a lump sum, and made some renovations to my house to increase my mobility. I have in-home health care 3 times a week. There is no burden on my children and I didn’t have to move”
Beth
“I have always loved to travel and I saw my retirement as an opportunity to see the world. Although time was on my side, I didn’t have enough money to check off the destinations on my bucket list. I looked for a financial solution, but it seemed that every option had downsides that weren’t worth it to me. I started to accept that my dreams of travelling were just not meant to be. That was until I heard about the CHIP Reverse Mortgage and learned how I could receive tax free cash as often as I needed, so I could travel as often as I’d like to without compromising my monthly cash flow”
If you would like more information on The CHIP Reverse Mortgage and how it can help you, or would like to apply for a CHIP Mortgage, please reach out to me at any time! We can go through all your options together.
Looking forward to hearing from you soon!
Laura Healey Mortgage Agent M19000719
The Mortgage Coach fsco #13121 365-885-2858laura@themortgagecoach.ca www.mortgagewithlaura.com
