A Reverse Mortgage is a loan secured against the value of the home. With a Reverse Mortgage you are not required to make regular mortgage payments. It’s a way to access equity without having to sell the home you love. It allows homeowners to access up to 55% of the value of the home in tax-free cash, in a lump sum or in regular deposits.
A Reverse Mortgage can help you:
• Pay off debts
• Handle unexpected expenses
• Renovate to improve your mobility at home
• Arrange for in-home care
• Help children or grandchildren
• Improve day-to-day standard of living
• Maintain financial independence
• Make a special trip or purchase
Why Reverse Mortgage?
Keep Home Ownership: You can now stay in your home and community. You maintain complete ownership and control of the home.
No Regular Monthly Payments: With a Reverse Mortgage, there are no regular mortgage payments until the you decide to move or sell.
Relieve Financial Stress: Up to 55% of the equity in your home is available and it can be used for whatever you wish.
You Are in Control: You can get your finances under control and gain the freedom to set your own plans and priorities. You can choose to receive the money in a tax-free lump sum or in regular tax-free payments.
You can Enjoy your Retirement: The money accessed through CHIP is tax-free and will not affect CPP or OAS.