CHIP Reverse Mortgages
Saskatoon, Warman, Martensville & Saskatchewan Mortgages
What is a CHIP Reverse Mortgage?
It's a financial solution designed for Senior Canadian homeowners
If you're like many people in the Saskatoon, Regina, Warman, Martensville and surrounding areas of Saskatchewan, you've spent much of your life working hard and diligently making your mortgage payments. Yet now that you need income the most, there’s a good chance the bulk of your net worth is locked up as equity in your home. Fortunately there's a solution. By choosing the CHIP Reverse Mortgage, you receive income in your lifetime while retaining full control of the place where you rest your head.
The biggest benefit of the CHIP reverse mortgage is that you are not required to make regular payments for as long as you or your spouse lives in your home.
CHIP Reverse Mortgage Quick-Facts and Features
Helping people in Saskatoon, regina, Warman, Martensville and across Saskatchewan for all their Reverse Mortgage Needs
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1
Tax Free Money
The money you receive does not constitute a part of your taxable income, meaning that your Old Age Security (OAS) and Guaranteed Income Supplement (GIS) is not affected.
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2
Maintain Ownership of Your Saskatoon, Regina or Saskatchewan Home
Contrary to popular belief, you will not lose your home with a Canadian reverse mortgage. You'll never be asked to move or sell to repay your CHIP Reverse Mortgage. The requirement is to maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.
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3
Use The Money Anyway You Wish
A reverse mortgage can help you enjoy your retirement or cover unexpected expenses. Pay for medical bills, upgrade your home, help family and loved ones, travel and pay monthly expenses without depleting your current savings. The only condition is that any outstanding loans secured by your home must be paid out with the proceeds from your CHIP Reverse Mortgage.
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4
Keep All Remaining Home Equity
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.
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5
Basic Qualification
To qualify you must be a Canadian home owner, 55 years of age or older. The age qualification applies to both you and your spouse. Get up to 55% the value of your home; No credit, no health check and no income needed. Your home must be your primary residence.
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6
No Repayment While Living In your Home
Regular mortgage payments are not required while you or your spouse are living in the home. The full amount only becomes due when you and your spouse no longer live in the home.
FREE Downloadable Information on CHIP Reverse Mortgages
Below you will find a range of valuable information in regards to CHIP Reverse Mortgages in Saskatchewan. Simply click on a link to download the file.
