Canadian Mortgage Authority is certified to offer the CHIP Reverse Mortgage!
You’ve worked hard to build equity in your home and deserve the retirement that you dreamed of. Homeownership was a prudent part of your financial plan and is likely one of your most valuable assets. But a home is more than an investment; it is where you live, part of your lifestyle, and part of your community. You are probably not ready to give that up yet.
A reverse mortgage allows you to access the equity in your home, essentially turning it into cash, and always tax-free! Unlike traditional mortgages you do not have to make payments on your mortgage as long as you live in your home. You maintain ownership of your home and reap the benefit of increasing appreciating home values.
If you’re over 55 and have equity in your home a CHIP reverse mortgage may be your solution to the following scenarios.
- Make improvements to your home to make it better suited to your current and future needs.
- Take care of unexpected costs such as a new roof, foundation leak, or furnace.
- Access cash “tax free” without it affecting your government pension eligibility.
- Increase your cash flow to help with living expenses
- Finance your travel plans
- Give an early inheritance to family when they need it, for such things as a down payment for their own home, educational expenses etc., and you can be there to see them enjoy it!
Have more questions regarding reverse mortgages? Contact your local mortgage broker in Grimsby & Hamilton today on (905)309-8799.