Consider ALL of your options

A Reverse Mortgage is a special type of mortgage that allows seniors to borrow against the equity in their home.  This program is typically marketed under the Canadian Home Income Plan or CHIP. 

The CHIP product may be right for you.  However, it is important to keep in mind that there are a number of alternatives that should be examined before entering into a reverse mortgage.  Some of the advantages of a reverse mortgage include:

• You avoid having to make regular mortgage payments, unlike a traditional mortgage
• You retain ownership of your home
• You can withdraw equity in a lump sum, or fixed payments

Before considering a reverse mortgage you should be aware that:

• The fees and interest rates are often higher than on a traditional mortgage
• The equity in your home will be reduced by the interest that accumulates
• It could take 4-6 weeks to put a reverse mortgage in place
• You may be able to access more money through other mortgage products

Talk to us.  We'll explore all of your options and together we'll create a solution that's right for you.

Visit the corporate website for more home financing information: www.mortgageintelligence.ca