In today’s economy, your “golden years” might not have the luster you were expecting!
With rising inflation and today’s cost of goods and services, smart senior citizens are exploring viable options to maintain their lifestyles and enjoy their days, weeks and years without the constrictions of limited finances. It’s why thousands of Canadian homeowners are participating in CHIP’s (Canadian Home Income Plan) “Reverse Mortgage” option.
Imagine freeing up hundreds to thousands of dollars monthly by borrowing against the equity in your home WITHOUT having to take on a second mortgage. For older homeowners (55+), a reverse mortgage can be easily set up, effectively “reversing” the payment stream – there are no payments required.
You can choose to receive a Canadian reverse mortgage as one lump sum, as a fixed monthly payment for short- or long-term payouts, or as a combination of these options.
The proceeds you receive from your reverse mortgage in Canada can be used to simply supplement your retirement income and daily living expenses; cover property taxes or pay off existing debt (even foreclosure). Or, use the income to take the dream trip” you’ve always wanted or help your grandchildren through university.
Bottom line: A reverse mortgage gives you
your money from your equity to create more financial flexibility.
There are no hidden trap doors or caveats with a CHIP reverse mortgage.
As long as you own your home with some level of equity and are 55 years of age or older, you can qualify for a reverse mortgage in Canada. Further, a reverse mortgage never impinges on or alters current government assistance or benefits you may already be receiving. Extracting the equity from your home is non-taxable so it will not affect your CPP, GIS or OAS payments from the government.
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.
Or, simply pick up the phone and call me, toll free, at (866) 223-1794. I’ll be happy to help you on your way to the golden years you truly deserve!
@Darlene Vilas, Canada’s leading Reverse Mortgage Specialist, www.ReverseMortgageAdvantage.ca