Blue Pearl Mortgage Blog

Live your best life with a CHIP Reverse Mortgage!

June 04, 2019| Posted by: Blue Pearl Mortgage Group

You know it Canada, we are aging well, living longer and loving life. 55 is the new 35! If you are part of the Boomer generation, you already know this. The question is, how are you going to continue living your best life now, and in the future?

Simple. If you are a homeowner who is 55 and over, a CHIP Reverse Mortgage could be just what you need. It’s the simple and sensible way to unlock the value in your home and turn it into cash to help you enjoy life on your terms.

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What’s a CHIP Reverse Mortgage and how does it work?

A CHIP Reverse Mortgage is secured by the equity in your home. Unlike a traditional mortgage in which you make regular payments to someone else, a reverse mortgage pays you!

The big advantage with the CHIP Reverse Mortgage is that you do not have to make any regular mortgage payments for as long as you or your spouse lives in your home.

You can receive up to 50% of the value of your home. The specific amount is based on your age and that of your spouse, the location and type of home you have, and your home’s current appraised value.

What are the benefits of a CHIP Reverse Mortgage?

You can use the money any way you wish. Maybe you want to enjoy your retirement or cover unexpected expenses. Perhaps you want to update your home or help your family without depleting your current savings. The only condition is that any outstanding loans (e.g. existing mortgage or home equity line of credit) secured by your home must be paid out with the proceeds from your CHIP Reverse Mortgage.

Bonus: You receive the money tax-free. It is not added to your taxable income so it doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive.

No regular mortgage payments are required while you or your spouse live in your home. The full amount only becomes due when you and your spouse no longer live in the home

You maintain ownership and control of your home. You will never be asked to move or sell to repay your CHIP Reverse Mortgage. All that’s required is that you maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.

You keep all the equity remaining in your home. In many years of experience, 99 out of 100 homeowners have money left over when their CHIP Reverse Mortgage is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.

You can choose how you want to receive the money. The CHIP Reverse Mortgage gives you the option of receiving all the money you’re eligible for in one lump sum advance, or you can take some now and more later, or you can receive planned advances over a set period of time. Planned advances are available on the Income Advantage product.

We are here to help!

Want to play with the numbers to see how much you of your home equity you can access? Click the image below to download our CHIP Reverse Mortgage Financial Illustration sheet here to get started!

CHIP Reverse Mortgage Financial Illustration Download

Let’s setup an appointment to figure out the value of your home and the value of the equity in your home up to 50%. The specific amount of funding will be based on your age and that of your spouse, the location and type of home you have, and your home’s current appraised value. Contact us so we can give you an estimate of how much you may be approved for.

Visit our CHIP Reverse Mortgage Page for more details and to download our FREE e-book!

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