Maintain ownership and control of your home. Start living a better retirement today! With a Reverse Mortgage you can stay in the comfort of your home without having to move or sell, make no monthly payments, and live a financially stress-free retirement on your own terms.
What is a reverse mortgage?
- A Reverse mortgage is a way for homeowners 55 or older to turn up to 55%* of the value of their home into tax-free cash.
- It is a loan secured against the value of the home, that does not require monthly mortgage payments for a long as you live in your home.
You are required to pay your property taxes, home insurance and keep your property well maintained.
- Pay off debts
- Renovate or make your home more accessible
- Handle unexpected expenses
- Help your children or grandchildren
- Improve your day-to-day standard of living and cash flow
- No payments required unless you choose to move or sell
How to qualify:
- You and your spouse both must be aged 55+
- Your home is your principal residence
- Any outstanding loans against your home must be less than the funds available from CHIP
*some conditions apply.