Do you have equity
in your home?
Don’t want to move but would like to improve your monthly cash flow?
With the Reverse Mortgage you can access the equity in your home while you remain on title and retain ownership and control of your home.
A reverse mortgage is a mortgage loan. Directed to homeowners 55 and older, these mortgages allow you to access the equity in your home typically without having to pay a monthly payment. The portion of the home value that has been paid off is what secures the reverse mortgage and allows you to draw cash from it without having to move or sell your home.
The money received from the reverse mortgage can be accessed in one lump sum or in planned advances – it’s your choice! If you have an existing mortgage or home equity line of credit, the funds received must first be used to pay off the existing loans secured by your home. The remaining cash can be used for whatever you like – here are some example of how customers of the CHIP Program have used their money:
- Pay for home improvements or repairs
- Cover your regular expenses
- Pay for travel
- Pay for healthcare expenses
- Pay-off existing debts
- Help your children with an early inheritance
Complete our five-minute form to start the conversation of how we can help you take charge of your mortgage.
I'm ready when you are. Fill out a
five-minute questionnaire to see
what I can do for you.