Reverse Mortgages in Canada - CHIP Home Income Plan
Unlock the value in your home today with the CHIP Home Income Plan.
A CHIP Home Income Plan (also referred to as a Canada reverse mortgage) is a loan secured by the equity in your home. The big difference with the CHIP Home Income Plan (reverse mortgage) is
that you do not have to make any payments - interest or principal - for as long as you or your spouse live in your home. You maintain ownership and control of your home while enjoying all the benefits
of having converted some of its value into cash. For all these reasons, a CHIP Home Income Plan, Canada reverse mortgage, is a sound financial solution for many people.
Highlights
- Homeowners 60 and older can obtain a Canadian Home Income Plan (reverse mortgage) in Ontario and all other provinces in Canada
- Homeowners in Canada can access $20,000 to $500,000 in tax-free money through a Canadian Home Income Plan (reverse mortgage)
- Specific amount available from a Canadian Home Income Plan (reverse mortgage) is 10% to 40% of the home's current appraised value
- Proceeds can be received in one lump sum or in multiple advances over time
- No income or medical qualifications
|
|
You will benefit from a CHIP , Canadian Home Income Plan / Reverse Mortgage, if you…
- Are aged 60 or older, live in and own your home in Canada
- Have little or no home-secured borrowing
- Are looking for a source of funds to invest
- Are looking to improve monthly income, enhance your lifestyle, or potentially minimize taxes
- Have debt but cannot afford to continue to make payments
What will you do with your extra income?
- Eliminate existing debts
- Make home improvements
- Assist children or grandchildren
- Invest in a hobby or new business
- Purchase a second property
- Pay for in-home help or medical care
|
|
Contact a Mortgage Professional today for full details.
|
