The Top 10 Benefits of A CHIP Reverse Mortgage

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First Off … What’s A Reverse Mortgage?

Like thousands of other canadians, maybe you’ve wondered, what is a Reverse Mortgage precisely? In short it’s a simple way for homeowners over 55 to turn up to 55% of their home into tax-free cash. It’s a loan secured against the value of the home, but unlike other loans, lines of credits and mortgages, it does not required a monthly payment of any kind for as long as you are living in your home. In essence, it helps you leverage the value of your home, and make the accumulated value of your home do the heavy lifting for you. You’ve paid your dues and now your property and your assets are working for you.

Also your home remains safe, you maintain ownership and control of it, you can stay in your home, and

Sounds to good to be true? Think again. Your home is one of the assets you own that probably has the most value. Also, it’s increased it’s value over the years and will keep doing so. Essentially here, you’re just using that stable and positive financial trend and using it to your advantage.

Do You Qualify?

You can qualify to get a Reverse Mortgage only if you fit the following criteria

  • You live in Canada
  • You own your home (can still be paying off your mortgage)
  • You’re above 55 years old
  • Your home is your principal residence
  • Any loans secured by your home (mortgage, home equity line of credit) must be less than the funds available from CHIP Reverse Mortgages

Are you interested in getting a reverse mortgage? You can get a free evaluation with us, just send us an email at info@northeastmortgages.com.

Benefits of A CHIP Reverse Mortgage

Here are some of the most appreciated benefits of people getting a reverse mortgage. Getting a reverse mortgage can help you:

  • Pay off debts
  • Renovate or make your home more accessible
  • Handle unexpected expenses
  • Help your children or grandchildren
  • Improve your day-to-day standard of living
  • Make a special trip or purchase

Other Beneficial Features

Other benefits include:

  • Get up to 55% * of the value of your home
  • Stay in your home
  • Maintain full ownership and control
  • No payments required unless you choose to move or sell
  • Receive the money tax-free

In short, you’ve probably noticed, Reverse Mortgages are an excellent for Canadians 55+ to leverage their financial assets so they can improve their day to day standard of living. If you’re interested in getting a Reverse Mortgage for yourself just contact us at info@northeastmortgages.com and we’ll send you all the relevant documentation and information you need to take the right decision. You can also call us at (514) 680-4674 .

Free yourself from the financial stress that could be building up. If you’re a 55+ Canadian Homeowner, get a Reverse Mortgage today.

* Source: CHIP Reverse Mortgage
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