Reverse (CHIP) Mortgages

General Trish Pigott 26 Nov

We have just been through the certification program with Home Equity Bank and are happy to answer any questions you may have with the CHIP product.  This is a great option for clients when they want to remain in their home but access equity to purchase rec properties, investment properties, help family purchase a home or consolidate debts and just have some extra cash.

Here’s a few details about it:

  • Great for pensioners that have a large amount of equity but low monthly income
  • No mortgage payments need to be made as long as they live in the home
  • Available for home owners over 55 years of age
  • Available for condo’s, townhouses and detached homes
  • Must live in the property
  • Interest rates range from 6-6.5%
  • Applicants do not have to go through the government stress test
  • Income qualification is not required
  • Set up fees are $1,795 for the legal process and about $300 for appraisal
  • Mortgage can be set up to payout in a large lump sum or clients can draw a regular monthly payment to help with the cost of living and enjoy life doing what they want
  • Very simple process with minimal paperwork required