Wondering how to access the equity in your home? If you’re 55 or older and a Canadian homeowner, the CHIP Reverse Mortgage from HomeEquity Bank could be the answer. This financial solution allows you to leverage the value of your home without the need to sell or move. Let’s explore what the CHIP Reverse Mortgage is all about and how it can benefit you.
What is the CHIP Reverse Mortgage?
The CHIP Reverse Mortgage is a loan secured against the value of your home, available exclusively to Canadians aged 55 and older. With this option, you can unlock up to 55%1 of your home’s value without the requirement to sell or relocate. The funds you receive are tax-free and can be used for various purposes, including:
– Debt consolidation
– Home renovations
– Emergency expenses
– Financial support for family members
– Enhancing your lifestyle
– Special purchases or vacations
Eligibility Criteria:
To qualify for the CHIP Reverse Mortgage, you must meet certain criteria:
– Canadian residency
– Age requirement of at least 55 for both you and your spouse
– Primary residence status for the property
– Proper maintenance and upkeep of the home
– Eligible property types
If you meet these requirements, you can access tax-free cash through the CHIP Reverse Mortgage in the form of a lump sum or scheduled monthly advances.
Why Choose the CHIP Reverse Mortgage?
Here are some compelling reasons to consider tapping into your home equity with the CHIP Reverse Mortgage:
– Retain ownership of your property while accessing cash
– No monthly payments required
– Complete control over how you use the funds
– Tax-free proceeds that don’t affect government benefits
– No Negative Equity2 Guarantee ensures you’ll never owe more than your home’s value
**Contact me today to learn more about the CHIP Reverse Mortgage and how it can benefit you!**
Danny Benjamin
289.455.8801
1Certain conditions apply.
2As long as you keep your property in good maintenance, pay your property taxes and property insurance and your property is not in default. The guarantee excludes administrative expenses and interest that has accumulated after the due date.