Watch the video below, to see how Belle A. increased her monthly income by 125%

Mary S. – Improved Monthly Income to combat rising property taxes.

Mary was very concerned about rising property taxes for homes in her neighbourhood.
At age 78, Mary’s monthly income was appx. $2400/month. Living on a fixed income was comfortable until her home was assessed at $550,000, raising her property taxes by $150/month. The rising costs of heating and taxes made it difficult to afford her yearly trip to the U.K. to visit her daughter and grandchildren.

Solution: Mary took a $100,000 CHIP reverse mortgage. She invested the proceeds to generate an extra $500/month income. Because she invested the proceeds, the interest on her reverse mortgage became a tax deduction, making her new income non-taxable. Mary is delighted she can continue to stay in her home and still travel to visit her grandchildren.

Frank & Beth, living in Oakville, Ontario, took out a CHIP reverse mortgage to pay off their existing line of credit.

“It wasn’t because we could no longer afford to make the monthly payments – we wanted to use the money to do other things we enjoy while we’re healthy, like travel”.

Frank & Beth’s home was appraised at $350,000, which qualified them for a $100,000 reverse mortgage. They paid off their existing line of credit ($60,000) eliminating their $300 monthly payments. Frank & Beth chose not to take the full amount, but enjoy the peace of mind of being able to transfer all (or part) of the remaining $40,000 they qualify for, into their bank account at any time.

William & Sandra – bought a cottage with their kids

William & Sandra, living in Toronto, Ontario, took out a CHIP reverse mortgage to buy a family cottage with their children. They now spend their summers enjoying time well spent with their children & grandchildren.
“When the kids approached us to go in with them and purchase a cottage, we initially balked at the cost – there was no way we wanted to dip into our retirement savings. The idea of moving equity from our primary home, into a cottage through a reverse mortgage appealed to us. We couldn’t be happier with our decision”.

William & Sandra’s home was appraised at $850,000, which qualified them for a $280,000 reverse mortgage. The family purchased a cottage, together, for appx. $700,000. Not having to cash in their RRSP’s was important to William & Sandra. The fact that their home in Toronto & their cottage is appreciating in value, eliminated the worry of leaving a huge inheritance for their children.

“Our inheritance is the cottage – something the kids, and their kids will enjoy and hopefully pass on for generations to come. Getting to see our kids enjoy their inheritance now, rather than later, is truly amazing.”