What is a Reverse Mortgage

Many retired Canadians have been where you are, and many of them were able to turn around their fortunes with the CHIP Reverse Mortgage. This unique financial tool allows you to access up to 55% of the equity in your home, tax-free. With that money, you are able to increase your cash flow, eliminate debt, and even check a few items off your bucket list.

If you would like to learn more about how a CHIP Reverse Mortgage can help you live a more comfortable retirement, please contact me at 647-893-6997.

Need flexible cash flow?

Did you know the CHIP Reverse Mortgage can give you access to your home equity in monthly or quarterly payments, improving your cash flow & giving you the flexibility to only borrow the money you need when you need it?

Contact me today to discuss the reverse mortgage option that works best for you.

The Versatility of the CHIP Reverse Mortgage

If you are a Canadian homeowner 55+ and require extra cash to satisfy your financial needs in retirement. You should consider a Reverse Mortgage as a source of funds. The CHIP Reverse Mortgage from HomeEquity Bank allows you to access up to 55% of your home’s equity. This is tax-free cash with no monthly payments. With these funds, you can renovate your home, pay off debt, purchase new properties, or even take a vacation abroad. Many HomeEquity Bank clients have experienced the benefits of the CHIP Reverse Mortgage by using these funds to meet their financial needs in retirement. 

Here are some of the most common ways clients have used the CHIP Reverse Mortgage: 

Health Care

91% of Canadians say they want to remain in their own homes for as long as possible after retirement. So, if you are one of these Canadians, you can use the CHIP Reverse Mortgage to continue living in the comfort of your own home and community. Worried you might be forced to move out of your home because of the high costs associated with in-home care? The CHIP Reverse Mortgage can give you the financial means to remain in the home you love and afford the health care you need as you age.

Renovations/Retrofitting

If renovating is something you have always wanted to do, but lacked the funds for, then the CHIP Reverse Mortgage may be able to provide the source of cashflow you need. You can finally get around to fixing that creaky floorboard, remodeling the entire kitchen, or even adding a lovely jacuzzi! Enjoy retirement without worrying about the cost of improving your standard of living.

Income Supplement:

Like many other Canadians, you might fear that you cannot maintain the same standard of living once you retire with a decreased income. With interest rates rising and inflation hitting all-time highs, Canadian’s average annual expenses have ballooned. Many of us have sacrificed vacation plans, restaurant dinners, or annual subscriptions to make ends meet. However, with the CHIP Reverse Mortgage, you can get an increase in your cash flow. No monthly payments are required. And you can be financially secure to live out YOUR retirement on YOUR terms.

Unplanned Expenses

Unplanned expenses are almost impossible to avoid, no matter how much planning you have done. Emergencies relating to damage to your home and unexpected health issues are often not planned for. So, these costs may not have been accounted for in your retirement plan. With a CHIP Reverse Mortgage you can access your home’s equity and get tax-free cash, YOU need to be financially prepared for any unplanned expenses.

Early Inheritance

You can provide an early inheritance to your family. Support your loved ones now with an early inheritance to help with their down payment on a house. Help grandchildren with college fees. This way, you can share in the enjoyment of their inheritance well into your retirement.

Travel

We talk about traveling but find excuses not to do it. Two big reasons are;
– There is no time for travel.
– It is too expensive.
When most people retire, they finally find themselves having the time for travel, but the cost often dissuades them. The CHIP Reverse Mortgage provides you with cash now, so that you can take the vacation you have always wanted. Whether the trip is local, a quick weekend getaway, or an all-inclusive beach resort to renew your vows, the CHIP Reverse Mortgage can help you afford your travels. 

Purchase Mortgage

Have you dreamed about purchasing a cottage or beach house as a vacation home for you and your family? If you answered yes, you can use the tax-free cash you receive from the CHIP Reverse Mortgage to purchase that dream vacation home.

Debt Consolidation

One of the most common uses of funds from a Reverse Mortgage is for Debt Consolidation. You can use the tax-free funds you obtain from accessing your home’s equity to pay off all your debt and live a peaceful retired life.
And, the best part is that you are not required to make any monthly payments with a reverse mortgage. So, it gives you even more monthly cash flow to improve your retirement after your debt has been covered.

These are only some of the different uses of the CHIP Reverse Mortgage.

Contact me to find out how versatile the CHIP Reverse Mortgage is and how it can be used to help you live a better retirement!