Canadian Reverse Mortgage
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Why use us?
- We completed the largest CHIP mortgage in Western Canada. And many smaller ones.
- We service Calgary and Southern Alberta.
- Why would you call a B.C. or Edmonton broker when you are in Calgary?
- CHIP rates and fees are EXACTLY the same from every broker in Canada. BUT using us gets you direct access to:
- the only broker in Canada who is doing CHIP loans with with an MBA in Finance.
- my partner with $18 Billion in underwritten mortgages,
- last year’s President of the Alberta Mortgage Brokers Association (AMBA) all in one office. We have all the resources you need in house.
- We give you the best advice for your situation, every time, all the time.
- Borrowing situations can be complicated for people over 60 and all brokers do not know about how to use CHIP to your advantage.
Click here for the CHIP Mortgage Rates updated daily.
The Data
If you are a home owner over the age of 60 you have the ability to access the equity in your home by means of a Canadian Reverse Mortgage through our lender, the Canadian Home Income Plan. The withdrawn equity can be used for whatever you desire, whether it be to arrange a better cash flow for your retirement, make some updates to your property, go on a trip, help a loved one with school, or pay off debt.
The Canadian Home Income Plan (CHIP), offers a reverse mortgage that allows you to access the equity in your home. You are not required to make any payments (principal or interest) on the loan until both you and your spouse leave the home. That way, you’re freed up to do what you want with the money, when you want, and don’t have to worry about paying it back until you move out.
Depending upon you and your spouse’s ages, and the location and type of your home, you can access up to 40% of your home’s value. This limit is set because CHIP wants to ensure that you still have equity left in your property if you decide to sell. Additionally, the amount to be repaid to CHIP will never exceed the fair market value of your home, so your estate is safe and you won’t need to come up with extra funds to repay your CHIP reverse mortgage.
Additional Benefits of a CHIP Reverse Mortgage:
You choose how you receive your equity money. You can decide if you want your money in one lump sum, or to take some now and more later, planned advances over a period of time (to mimic periodic income), or even a lump sum now and periodic advances following after.
You can save on taxes. Not only is the money you receive from your CHIP reverse mortgage tax-free because the proceeds are not taxable income, you may also be able to deduct the CHIP interest charges from investment income if you have invested in non-registered investments. This could mean substantial savings at tax time. Please consult your accountant or financial planner for more information.
Your government benefits are not affected. Because the money you receive from your CHIP reverse mortgage is not considered taxable income, your Canadian Old Age Security (OAS) and/or Guaranteed Income Supplement (GIS) amount will not be affected (if you receive these benefits).
Your home is still your home. A CHIP reverse mortgage is much like a regular mortgage, where CHIP is registered on your title as the mortgage holder, but your home remains in your name. You have full control of your property (including the decision to move out or not) – so long as you stay up-to-date with your property taxes, fire insurance and condo/maintenance fees.
Your remaining equity is yours. Ninety-nine percent of the time, homeowners have equity left over in their home after paying off their CHIP reverse mortgage – usually about 50% of the value of the home. This equity is entirely yours to do with as you please.
You can have peace of mind. If you have a sparse monthly cash flow, are struggling with debt payments, or just want an extra bit of money sitting around for a rainy day, CHIP can help you achieve the peace of mind that comes with that. A CHIP Reverse Mortgage can replace a traditional mortgage and free up hundreds, or even thousands, of dollars every month in cash flow! Supplement your retirement income today with tax-free cash.
Overall, the CHIP reverse mortgage is a risk-free way to access the equity in your home to make your retirement worry-free. If you’d like to explore what Mortgages Are Marvellous and CHIP can do for you, please call today!