CHIP Reverse Mortgage
Mortgage Broker in Newmarket, ON
With a CHIP Reverse Mortgage, it gives you the option to take the equity from your home while continuing to own it. The housing market is hot and majority of someone’s wealth is usually tied up in their home. We understand that when it comes to retirement, sometimes your income takes a hit. With the CHIP reverse mortgage you can supplement your income with the equity within your home and remain in control of your home including the title staying in your name.
What is a Reverse Mortgage?
A reverse Mortgage lets you remain in your home and access up to 55% of the equity. Instead of making mortgage payments each month, you will receive tax free monthly payments. The loan will never exceed the fair market value of your home so it will not be a burden to yourself or your family. If your family wants to purchase the home, they only have to pay the accumulated loan amount and not fair value of the home.
How to Get a Reverse Mortgage
Simply talk to us and meet the following criteria:
- Yourself and spouse need to be 55 years of age or older.
- Your home is the primary residence.
- The location must be preapproved by HomeEquity Bank and be in their lending territory.
Reverse mortgages have been a popular option for the past 25 years. It is a great way to supplement your income and access the equity within your home. All you have to do is continue with homeownership duties; pay your taxes, stay current on your insurance and if you currently have a mortgage, make those payments. Yes, you can have both!
A reverse mortgage has endless benefits and really can positively impact your life. Talk to us today to get qualified for a CHIP Reverse Mortgage.