Reverse Mortgages

* $500 Visa Gift Card for application received between October 1, 2020 and October 30, 2020 and the reverse mortgage must fund by November 20, 2020. *

Are you a Homeowner, 55 or older?

If so, you can get up to 50% of the value in your home, as Tax-Free cash, with the CHIP Home Income Plan from Home Equity Bank.

• Get $100,000, $200,000, $300,000 or more, depending upon the value of your home.
• Never make a payment until you choose to move or sell.
• Maintain complete ownership and control of your home.
• Take your money as a lump sum, regular monthly payments, or both!
• Use the money anyway you see fit.

BENEFITS OF A CHIP REVERSE MORTGAGE

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 are required while you or your spouse live in your home. The full amount only becomes due when you and your spouse no longer live in the home

You 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.

You keep all the equity remaining in your home. In many years of experience, 99 out of 100 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.