There’s one thing to be said about making a decision to move out of your home because you want to downsize or you wish to live in a different neighborhood or community.
But when money gets tight, some senior citizens look to selling or renting their home to make ends meet. While this may seem a very viable (and traditional) option, it certainly doesn’t say much for the financial worry-free lifestyle you hoped and expected to have in your golden years.
Don’t sell or rent because you feel there’s no better option. There IS a better answer. It’s a CHIP Reverse Mortgage.
With a CHIP Reverse Mortgage, you’re able to effectively free up hundreds to thousands of dollars monthly by borrowing against the equity in your home WITHOUT having to take on a second mortgage or a more restrictive line of credit. For senior citizens (55+), a reverse mortgage can be easily set up, “reversing” the payment stream – there are no monthly payments to make on this mortgage ever.
That’s right! Neither you nor your spouse needs to make repayments regularly as your equity provides the required security against your reverse mortgage. When you do make a decision to sell, the proceeds of your home’s sale pay off the Reverse Mortgage.
And, better yet – you’re able to stay in your home!
Feel free to peruse other Frequently Asked Questions my clients have asked when they first came to me about setting up a reverse mortgage in Canada.
You might also want to check out my blog article, “The Top 4 Myths of Reversible Mortgages in Canada” for more information on the CHIP reverse mortgage framework.
At any time, you’re welcome to call me, toll-free at (866) 233-1794 for a free, no-obligation consultation about your financial options with a Reverse Mortgage.
@Darlene Vilas, Canada’s leading Reverse Mortgage Specialist, www.ReverseMortgageAdvantage.ca