Seniors face unique financial needs; Carol understands these needs and the pros and cons of having a reverse mortgage.  To find out more just use her quick contact form.

Reverse Mortgage – Unlock the value in your home and retire better! 

What is it?

A reverse mortgage is a type of mortgage that enables homeowners to convert a portion of their equity into cash.

What can it be used for?

• Payout higher interest rate debt
• Investments
• Supplement retirement income
• Home renovations
• Home repairs
• Long term care
• Vacations
• Medical expenses, prescription drugs
• Helps you to remain in your home
• Any use you wish 

Qualifications and Basic differences of a CHIP Home Income Plan:

Unlike a traditional mortgage, no repayment is required until the borrowers no longer use the home as their principal residence, or sell the home.   Clients can choose to pay all or part of the accrued interest ($1000. Min/year).  Payment can be made by cheque at any time, once during the year.
If a client pays the full year’s accrued interest, they qualify for a 1.0% discount on their next discount review date.

• All owners on title must be minimum age 60 and live in the home as their principal residence.
• No income qualification is necessary.
• Clients can unlock up to 40% of the equity in their home
• CHIP Home Income Plan – Set up Costs
• Appraisal fee – typically approximately $300.
• Independent legal advice is required – typically approximately $600.
• Legal, closing and administrative costs – approximately $2,495 will be deducted from CHIP funds

Ask Us Now!

Want to know more about reverse mortgages? Carol will send you a complete information package. You can use the quick form below to send it to her and she will reply within 24 hours.