💲👪How can a CHIP mortgage help your kids👪💲
What is a CHIP Reverse Mortgage?
The CHIP reverse mortgage allows CANADIAN homeowners age 55+ to access up to 55% of their home's value and turn it into tax-free cash without having to move or sell. And the best part is, there are no monthly mortgage payments required!
Our convenient, secure (and contactless!) process mean you can complete the entire application from the comfort of your own home - from application through electronic signature!
How Does a Reverse Mortgage Work?
A reverse mortgage works by offering a safe solution for Canadian homeowners age 55+ to access their home equity and turn it into tax-free cash without the requirement of monthly mortgage payments. Unlike a traditional mortgage, with the reverse mortgage, you will not need to make any principal or interest payments until you and your spouse leave the home.
What is a Reverse Mortgage?
A reverse mortgage is a loan secured against the value of your home. It is designed exclusively for homeowners aged 55 years and older. It enables you to convert up to 55% of your home’s value into tax-free cash. The funds from a reverse mortgage can be used for whatever you desire; to cover monthly expenses, renovate your home, pay-off debt or travel – the choice is yours! With a reverse mortgage, you maintain ownership of your home and there are no monthly mortgage payments required. Repayment of the loan is only required once you chose to move or sell. We guarantee that the amount you eventually repay will never exceed the fair market value of your home. And if your home goes up in value, the appreciation is all yours. You are simply required to maintain your property and pay the taxes and insurance.
Reverse Mortgage Eligibility & Qualifications
To be considered eligible for a Reverse Mortgage in Canada, you must be:
• A Canadian homeowner
• Age 55 or older (if you have a spouse, both of you must be at least 55 years old to be eligible)
To qualify for a Reverse Mortgage in Canada, the following factors are assessed:
• You and your spouse’s age
• Location of your home
• Type of home (e.g. detached, condo, townhouse etc.)
• Appraised value of your home
• Appraised value of your home
• The condition of your home
• Your home equity
https://www.youtube.com/watch?v=9Y_zo3q5T2U
What happens next?
Short answer just APPLY now, our team is waiting to review your application and will review the amount of equity you can access. There is no obligation to you we will provide you with options and you will decide if this is right for you.
📧email harmonymortgage@gmail.com
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