Posted On Apr 24, 2019

Many Canadians are destined to outlive their retirement funds. Why?  Because we are living longer than our financial plans predicted. With the 55+ demographic representing Canada’s fastest growing population segment, this situation is escalating at an alarming rate. The good news is that 5.6 million of the 55+ group are homeowners, making them eligible for funds through the CHIP Reverse Mortgage.
 

 Here are 5 signs that a CHIP Reverse Mortgage may be for you:
 
1. You are are running up their credit cards, personal loans, or draining your retirement account.
A CHIP Reverse Mortgage consolidates debts by paying off smaller loans with a larger loan at a lower interest rate. The rates on a CHIP Reverse Mortgage are much lower than those on credit cards and are comparable to those on a home equity lines of credit.  By consolidating existing debt with a CHIP Reverse Mortgage, your client will no longer have to remember to make multiple monthly payments; instead they will have one loan with no required monthly payments!
 
2. You are thinking  about purchasing a second home or cottage, but never do.
You likely can’t afford this property on your retirement income. With a CHIP Reverse Mortgage on your current home, you would simply have to fund the down payment and any closing costs or taxes. There are no regular mortgage payments; the reverse mortgage is repaid when you decide to move out.
 
3. You  are struggling financially to assist  elderly parents.
If the elderly parents took out a CHIP Reverse Mortgage on their home, they could enjoy financial independence instead of relying on their children. Funds could be used for home modifications, in-home care, monthly bills or debts, property taxes or anything else.
 
4. You have been wanting to help out children or grandchildren financially.
You may have talked about helping out with a home down payment, tuition or even providing an early inheritance. A CHIP Reverse Mortgage enables you to witness the joy of your gift in use.
 
5. You have been missing payments or were declined for a credit product.
Are you applying for credit products with the bank but being declined? Unlike most lending products, qualifying for a CHIP Reverse Mortgage is purposely designed for those who have limited or no monthly income. A CHIP Reverse Mortgage can offer you  a financial solution with an easier qualification process that ensures the protection of your equity. The CHIP Reverse Mortgage also has a negative equity guarantee, which ensures that you never owes more than the fair market value of the home at the time it is sold. In fact, over 99% of clients have money left over, after the sale of their home.
  
To find out more about the CHIP Reverse Mortgage and how it can help change your client’s life, contact me today!

Neil “Mortgage-Man” McJannet

neil@mortgageman.ca