Wouldn’t it be nice if you had the money to do more of the things you want to do? It’s the simple and sensible way to unlock the value in your home and turn it into cash to help you enjoy life on your terms.
- You receive the money tax-free.
It is not added to your taxable income so it doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive.
- You can use the money any way you wish.
Maybe you want to enjoy your retirement or cover unexpected expenses. Perhaps you want to update your home or help your family without depleting your current savings. The only condition is that any outstanding loans (e.g. existing mortgage or home equity line of credit) secured by your home must be paid out with the proceeds from your CHIP Reverse Mortgage.
- No regular mortgage payments while you or your spouse live in your home.
The full amount becomes due when you and your spouse no longer live in the home.
- Maintain ownership and control of your home.
You will never be asked to move or sell to repay your CHIP Reverse Mortgage. All that’s required is that you maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.
- Keep all the equity remaining in your home.
The majority of homeowners have money left over when their CHIP Reverse Mortgage is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.
Unlock the potential of your Home Equity and embark on a comfortable retirement journey through the innovative financial tool known as a Reverse Mortgage. This unique financial solution allows homeowners to tap into the accumulated equity in their homes, providing them with a means to secure up to 55% of the current market value of their property. Unlike traditional loans or mortgages, a Reverse Mortgage offers unparalleled flexibility by eliminating the need for immediate monthly payments, allowing retirees to savor the fruits of their labor without financial strain.
With a Reverse Mortgage, you gain the freedom to relish your well-deserved retirement without the burden of ongoing loan repayments. The repayment of the mortgage only comes into play when you decide to relocate or sell your home, ensuring that you maintain absolute control over your property until such a time that suits your preferences. This financial instrument empowers you to make the most of your golden years, providing financial security and peace of mind.
Moreover, the responsibilities associated with a Reverse Mortgage are minimal, adding to its appeal. As a homeowner, your primary obligations are limited to covering property taxes and insurance while ensuring the continuous upkeep of your cherished property. This affords you the opportunity to focus on the joys of retirement, whether it’s traveling, pursuing hobbies, or simply spending quality time with loved ones. The Reverse Mortgage not only grants you access to the wealth tied up in your home but also facilitates a worry-free and enjoyable retirement experience, making it a compelling option for those seeking financial flexibility and security in their later years.
Any funds you receive is tax-free.� How you choose to spend that is entirely up to you.� For more details, clink on the link.
Secure your MORTGAGE today!� Call Gitta Schoenne, your Penticton Mortgage Broker for more details 250-462-4482