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Reverse Mortgages

Canadian Boomers are telling us they want to stay in their homes.

With a reverse mortgage you have the option to do that by accessing up to 55% of the value of your home without having to make a single payment.

  • Pay off debts
  • Fix up your home
  • Cover monthly expenses
  • Help your family
  • Travel

You decide what you want to use your hard-earned money for.

What is a Reverse Mortgage?

A reverse mortgage, like the CHIP Reverse Mortgage, is a special loan for homeowners 55 years of age and older that lets you borrow against the value of your home, without having to sell your home. And, unlike home equity loans for example, you never have to make a payment, until you choose to move or sell.

Why Are Reverse Mortgages So Popular?

After years of diligently paying your mortgage, many Canadians now have significant value locked up in their homes.

A reverse mortgage, like the CHIP Reverse Mortgage, lets homeowners access the value and equity in your home, without having to make any regular payments, until you choose to sell or move allowing you to enjoy your home for as long as you wish.

How Does a Reverse Mortgage Work?

With a CHIP Reverse Mortgage you can receive up to 55% of the value of your home as cash. And you can use the money for any purpose you wish – from paying off debts to financing home improvements to covering healthcare expenses.

You can take your tax-free money in the form of a lump sum, regular monthly payments, or both. There are no payments to make, as long as you or your spouse live in your home. The principal and interest are only due when your home is either sold or you move out. Plus, you keep all the additional equity that accumulates in your home from the time you take out the CHIP Reverse Mortgage to the time you sell or move out.

For homeowners 55 years of age and older, a reverse mortgage is often a better option than a traditional home equity line of credit (HELOC).

For more information on the how to unlock the value in your home, with a reverse mortgage, please call us today at 416-930-5257.

We look forward to hearing from you.

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120 Watline Avenue, Unit #5,

Mississauga, ON, L4Z 2C1

Phone: 416-930-5257

Fax: 416-352-1223


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