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Canada Reverse Mortgage

If you are a Canadian, at least 55 years old, and have at least 50% equity in your home, you may qualify for a CHIP Home Income Plan reverse mortgage.  I will explain the mortgage below.

If you wish to apply immediately, please take one minute to fill out my quick application below, and I'll get back to you right away.

A Canada reverse mortgage is becoming popular in Canada.  It's a safe plan that can give older Canadians greater financial security. Many Seniors use it to supplement social security, meet unexpected medical expenses, make home improvements, and more.

But what are Canada reverse mortgages?

Three Ways to Get Started

 
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A reverse mortgage is a special type of home loan that lets a homeowner convert the equity in his or her home into cash. The equity built up over years of paying off your mortgage can be paid to the homeowner: in a lump sum, in a stream of payments, or as a supplement to Social Security or other retirement funds. But unlike a traditional home equity loan or second mortgage, no repayment is required for the reverse mortgage until the borrowers no longer use the home as their principal residence. 

Another difference between a Canadian reverse loan and a bank home equity loan is that with a traditional second mortgage, or a home equity line of credit, you must have sufficient income to qualify for the loan, and you are required to make monthly mortgage payments. A reverse mortgage works very differently. The CHIP mortgage plan pays you, and it is available regardless of your current income. You don't make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes and other conventional payments like utilities, but with a reverse mortgage, you cannot be foreclosed on or forced to vacate your house because you "missed your mortgage payment." 

All Applications are FREE and there is NO OBLIGATION to borrow

 

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