Today, a lovely lady came to me just after celebrating her 68th birthday … but she wasn’t in much of a mood to celebrate.
Over the last four years, she had experienced more financial loss than the sum total of 40 years prior. Investments had significantly fallen off; inflation was slyly affecting her Old Age Security and Canada Pension Plan; and some health issues between her and her late husband had created some unexpected debt.
She had tried to qualify for a line of credit from her bank, but was turned down for various “risk factors.” She wasn’t sure where she could turn.
I’m so glad she found me.
Over the phone, we were able to approve her for the perfect financial solution, that had, until today, seemed completely out of reach. Best of all, she was approved in the comfort of her home, she didn’t even need to set-up an appointment!
With the CHIP (Canadian Home Income Plan), she was approved to receive a Reverse Mortgage Loan, funding 40% of the existing equity in her home, which is exactly like a line of credit. She decided to only take 20% of the proceeds….and the remaining 20% of the approved reverse mortgage was set-up exactly like a line of credit, to be used in the future, if and when she chooses!
Now, while the percentage of funding approval depends on your age and the appraised value of your home, you are guaranteed at least 30% of your home’s equity…and unlike the banks, CHIP reverse mortgages do not care about your credit score as you are under no obligation to make any payments, until you sell your home or pass away.
For me, the reward is hearing how my client’s lives change. With the CHIP reverse mortgage, clients are able to access their home equity, exactly like they would with a line of credit, usually within 10 days of calling! CHIP has the most flexible payment schedule in Canada. This allows clients to travel, renovate, help their grandchildren or invest to supplement retirement income – knowing their home is an appreciating asset.
If you’re 55 or older, the CHIP reverse mortgage is a definite solution you’re going to want to explore. Just call me direct at (866) 223-1794 for a free, no-obligation consultation to discuss your reversible mortgage options or, simply fill out our Online Estimate Request and I’ll send you your no obligation estimate with the CHIP Home Income Plan Guide.
@Darlene Vilas, Canada’s leading Reverse Mortgage Specialist, www.ReverseMortgageAdvantage.ca
Tags: home loan with poor credit, loans for seniors, reverse mortgage for seniors, senior citizen poor credit
