2233071 Ontario Inc
20 East Beaver Creek Rd L4B 1G6 Richmond Hill, ON, Canada

Looking for that higher quality of life after 55? Consider a Reverse Mortgage. 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 The condition of your home Your home equity Current rate is 3.89%. Example: if you borrowed $100'000.00 And never made a payment in 15 years you would be approximately $177'258. What is the average house price increase over the last 10 years? 96 percent REINZ house price data shows over the last ten years, the nationwide median house price has almost doubled, rising 96 percent. Oct 19, 2020 In this case scenario regardless of the compounding interest your house would have paid for the increase and you would have as much equity value in the home from when you started. The money may have been gifted to a loved one or helped to have a better longer , healthier retirement in the later years. Its your money and your home and taping into that equity for the better.

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RATES AS LOW AS 1.89%!! Call Today!

CHIP Max is a Reverse Mortgage loan secured against the value of your home. This product is designed to give our younger clients access to a higher percentage of their home equity. Unlike a conventional mortgage, CHIP Max does not require monthly mortgage payments. The loan only needs to be repaid when the homeowner no longer lives in the home. As the homeowner, you are required to keep the property in good condition, stay up-to-date with property taxes and insurance. The money received is tax-free and can be used however you wish! Rates as low as 3.89%! Call today 1-888-556-7910 Ask for John. Or email me at [email protected]