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Even when you own your home, making ends meet at the end of the month can be a challenge for some Canadian seniors. This is where a reverse mortgage can help.
Q: What is a CHIP Reverse Mortgage?
A: It is a loan secured against the value of your home. Instead of the monthly payments coming from your bank account they come from your equity. The money you receive is tax-free and yours to use as you wish.
Q: Who is eligible?
A: Canadian homeowners, age 55 and older, qualify. You must own your home and it must be your primary residence. There are no health checks required.
Q: What can the funds be used for?
A: There are almost no conditions on how you can use the proceeds of a reverse mortgage:
- Improve your day-today standard of living
- Make improvements to your home
- Pay down debt
- Pay off medical bills
- Handle unexpected expenses
- Make a special trip or purchase
Q: What are the benefits?
A: Keep your home– Stay in your home and community and maintain complete ownership and control of your home for as long as you choose to stay.
No payments – With CHIP you never have to make regular payments (unless you want to) for as long as you live in the home.
Relieve financial stress– You can use up to 55% of the equity in your home to pay off debts or handle unforeseen expenses. Your government benefits are NOT affected and the funds you receive are completely tax-free.
Q: How do I find out more information?
A: For more information, please call Lisa Gryba @ 204-371-9284 or email lisag@onelinkmortgage.com.
