How a Reverse Mortgage Works
Access up to 55% of your home’s value with the Reverse Mortgage.
A Reverse Mortgage is a loan secured against the value of your home, while you continue to own and enjoy living in it.
You retain 100% ownership of your home.
The title and ownership of your home belong to you, not the bank.
The money you get is tax-free.
It also doesn’t impact your Old Age Security or Guaranteed Income Supplement. Meanwhile, keep your investments growing without being taxed for withdrawing from your portfolio.
You decide how to spend the money you get.
You can use the net proceeds from your Reverse Mortgage to make home renos or retrofits, pay unexpected expenses, financially help children or grandchildren, purchase a second property, even take a dream vacation.
There are no regular mortgage payments required.
Once you decide to leave your home, the interest and principal and any applicable charges are simply paid off from the proceeds of the home sale. You are still required to maintain your property taxes, fire insurance and condominium or maintenance fees.
No negative equity guarantee.
You will never owe more than the fair market value of your home with the CHIP Reverse Mortgage.
With all of these advantages, it’s easy to see why thousands of Canadians 55+ have benefitted from the Reverse Mortgage. You can too. Let’s talk about the retirement fund potential of your home