CHIP Reverse Mortgages Helping Seniors Enjoy their Lifestyle
Living well in retirement isn’t as easy as most people envision when they’re in their youth. Increased expenses are a challenge for seniors.
Day to day expenses, medical payments, insurance and utilities can rapidly eat away pensions and interest income. You may own your own home yet making ends meet at the end of the month can be a challenge for seniors.
That’s where a CHIP Reverse Mortgage with Home Equity can help many Canadian seniors. If you are a Canadian homeowner 55 or over, you can turn up to 55% of the value of your home into tax-free cash.
What is a Reverse Mortgage?
The Canadian Home Income Plan, now called the CHIP Reverse Mortgage, was created by Home Equity Bank. It was founded in 1986 and offered to homeowners who wanted the freedom to enjoy retirement while staying in their own home.
It allows you to access some of the value in your home without the requirement of monthly mortgage payments until you choose to move or sell. You’re in charge of your retirement. All you have to do is maintain your property and pay your property taxes and insurance. You’ll stay in control and retire on your own terms. That means you can keep living your life in the comfort of the home you already own.
Kerry Mason has the pleasure of helping a 90 year couple pay off their debt, and still in good health; continue to live in their home and enjoy the balance of their life.
She was also able to help a 72 year young widow stay in her home with a Reverse Mortgage
Stay in Control and Retire on your Own Terms
How much equity you can you get with a Reverse Mortgage?
The Financial Illustration Calculator will give you a glimpse of how much equity you will retain with a reverse mortgage and how much your mortgage will grow throughout the course of the plan.
To learn more and have your questions answered, please contact Kerry Mason at Taylor Made Mortgages