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Posted On Jun 27, 2023

Feel right at home with a Reverse Mortgage In Canada. Part 1

I will do my best to make you feel at home with the best options for you and your Reverse Mortgage In Canada. For the sake of simplicity, I will use programs administered by HomeEquity Bank for my explanations. This is #1 in a series of 2 so return to my next blog for the final outlines.

  1.        CHIP Reverse Mortgage:
    This is the most popular product, and it allows you to access up to 55% of the value in your home. It is ideally suited to homeowners 55 and over that are looking for an initial LUMP SUM payment.
    Those who decide not to take the full amount in one advance can access the remaining funds though subsequent advances at any time in the future.

    Whether you need to pay off debt that is adding to your everyday stress, are looking to finance a major expense such as a second home or vehicle, are facing costly healthcare expenses, or are looking to help a family member with a down payment on their home or for tuition costs. The CHIP Reverse Mortgage can free up the cash you need to deal with a sudden financial burden or make a long-time dream a reality.
  2.        Income Advantage:
    Income advantage is ideal if you are simply looking to supplement your monthly income. There must be an initial advance of at least $20,000. To start your program on it way. You can create your own Planned Advance Fund with funds being advanced to you for a minimum of $1,000. Per month of $3,000. Quarterly. This program is ideal for those that do not want to liquidate retirement funds when the stock market takes a hit. By having these funds available you can continue to have the lifestyle you want and deserve by leveraging the equity in your home and not be forced to sell and move from the home and neighbours you have grown fond of.

 

If you have any other questions or would just like to discuss a Reverse Mortgage in Canada please feel free to contact me @ neil@mortgageman.ca or by phone at 250-861-8758. I always say “Knowledge is Power” so do some further research on this product.

To help you in that regard, If you would like to get a free preview to - “Home Run, The Reverse Mortgage ADVANTAGE” click the link below:

 

https://www.chip.ca/wp-content/uploads/Home_Run_Book.pdf

 

Also follow me on www.reversemortgagesincanada.com

 

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