One of the most common questions I receive from seniors exploring the option of a Reverse Mortgage in Canada is this: Can you apply for a reverse mortgage if you have a small line of credit or still possess an existing mortgage?
My Answer: Absolutely Yes!
Most seniors who apply for reverse mortgages in Canada are still paying off some level of debt and, in fact, they often use the proceeds from the reverse mortgage to completely pay off these outstanding debts.
The caveat is this: The application process is perfectly acceptable as long as the amount owing is small enough that the CHP reverse mortgage can pay off that outstanding balance. For example: A homeowner with an existing traditional mortgage of $100,000, would need to be approved for a CHIP reverse mortgage of $100,000 or more, in order to pay off their existing mortgage.
How Much do I qualify for?
Here at www.ReverseMorgtageAdvantage.ca we help clients quickly calculate how much they qualify for. If you are 55 years old or older (and your spouse, if applicable) 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