The Reverse Mortgage in Canada is Defined as…....
Before being able to understand if a reverse mortgage is the best decision for your situation, it is important to understand exactly what is a reverse mortgage and the details of the product that is being offered. At the most basic level, reverse mortgages in Canada are specialized loans against the value of your home, issued by HomEquity Bank as a “CHIP Reverse Mortgage.” Designed as a means of providing access to the equity that has built up in your home, it is considered “reverse” because you do not make payments on the loan; the loan provides payment to you. No payments are due as long as you own your home. More details will be included in the following segments so you will understand exactly what this means for you and your retirement.
Reverse Mortgage, who qualifies?
Criteria for Qualifications include:
– Home owner age 55 and older
– No income qualification
– No Credit Requirement
– Qualify for up to 55% of the home’s Value, based on clients age, property area, description and value.
– Money can be received as a lump sum, planned advances over time or both.
– No payments required until the house is sold or both owners move out
– Owner maintains title and complete control over their home.