CHIP Reverse Mortgage - A Canadian Option for Retirement Income
Your home is where you raised your family and built your memories. When something means this much to you, it can be hard to think about the financial challenges of staying in the family home. But challenges do exist for many Canadians. Reverse mortgages sound scare to some, but when you have the facts, it is clear that it is an excellent option that allows you to stay in your home (or another "right size" home) while preserving the ability of your real estate to appreciate.
When you consider the investment side alone, staying in a single family home versus a condo allows you to stay in the real estate market in a significant way. Like many Canadians, you've spent much of your life working hard and diligently making your mortgage payments. Yet now that you need income the most in retirement, there’s a good chance the bulk of your net worth is locked up as equity in your home. Fortunately there's a solution. By choosing the CHIP Reverse Mortgage, you receive income in your lifetime while retaining full control of the place where you rest your head.
The CHIP Home Income Plan, now called a CHIP Reverse Mortgage, was created by HomEquity Bank, a Schedule 1 Canadian Bank. It was founded 30 years ago as an annuity based solution addressing the financial needs of Canadians who want to access the equity of their top asset – their home.
Simply put, a CHIP Reverse Mortgage is a loan secured by your home with a big difference. With CHIP, you do not have to make any payments interest or principal for as long as you or your spouse live there. All you have to do is keep your property in good maintenance, pay your property taxes and property insurance.
At your stage of life, excessive risk is the last thing you need. That’s why we specifically designed the CHIP Reverse Mortgage to be financially sound. You maintain full ownership of your home. And we guarantee you’ll never owe more than the fair market value at the time it is sold, so you can rest assured your CHIP Reverse Mortgage will never be a burden to your heirs and preserves an appreciating asset.
Let one of our Mortgage Advisors assist you in exploring this great option.