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The-Mortgage-Gal

Reverse mortgages

Do you know there is only one reverse mortgage provider in all of Canada?

Do you know they became a schedule one bank in late 2009?

Do you know how much the program has evolved and improved?

With nearly 30% of the Canadian population in retirement, and with over half of those retired still carrying debt, the Canadian Home Income Plan, provided by HomEquity Bank, is becoming a go-to solution for many senior homeowners. It is supported and encouraged by mortgage brokers, all major banks, many credit unions, numerous lawyers, financial planners, and more.

Why are there more people using and referring a reverse mortgage in Canada today than ever before in 29 years of business?

• Many senior homeowners have equity in their home, but have limited monthly income

• Traditional lending guidelines are strict, and many don’t have the income or credit to qualify

• The funds are completely tax free, helping to maximize tax efficiency and government supplements

• CHIP is simply a mortgage for homeowners age 55+ where making payments is optional and approval is easy

• Clients can access up to 50% of the value of their home in tax free cash, depending on their age and property type/location

• The money doesn’t have to be taken all at once. Simply advance funds as needed, and never worry about making a mortgage payment

• HomEquity Bank is paid back the principal and unpaid interest when the last applicant has left the home or they have sold

• Set up fees consist of only an appraisal and legal fees. There are no hidden or annual/renewal costs that keep adding to the balance

• Most current rates are between 3.95% and 5.49% depending on the term chosen

• Clients are guaranteed never to owe more than the fair market value of the home at the time it is sold

• Over time, the housing market tends to appreciate, and in most cases it has gone up in value as much or more than the CHIP balance has climbed, leaving lots of equity.

If you or maybe your parents are age 55+ and have equity in a house, townhouse, or condo, but are just finding things a little tight, or need access to a lump sum of money, CHIP might be the right solution.

Uses for CHIP:
  • Pay off your mortgage and get rid of the payment
  • Debt Consolidation
  • Access funds to renovate or travel
  • Access monthly cash flow to help cover expenses
  • Help Children
  • Estate Planning
  • Investment
  • Unexpected Life Events
  • Pay for in-home care costs
  • Or just to live a better retirement
     

If you would like more information on reverse mortgages and whether one might be right for you please call 250 862 1806 or email [email protected]



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About the Author

Laurie Baird and Tracy Head are mortgage brokers with Verico Complete Mortgage Services. Together they have over 45 years of experience in the mortgage industry.

As mortgage brokers, Laurie and Tracy spend time getting to know the people they work with and help them understand the mortgage process. They support their clients before, during, and after a home purchase.

Laurie and Tracy are able to offer their clients advice and options. With access to over 40 different lenders, Laurie and Tracy are able to match the needs of their clients with the right mortgage package. They work closely with their clients to find the right fit, and are around to provide support for years down the road!

Contact them at 250-862-1806 or visit:
http://www.okanaganmortgages.com

Visit Laurie's blog at: https://www.okanaganmortgages.com/blog



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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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