REVERSE MORTGAGES IN PICKERING

Tapping into Home Equity: Why Choose a Reverse Mortgage Over a HELOC?

As the cost of living has increased, it may be challenging to meet your retirement income needs and access the cashflow you need to live a desired lifestyle. One advantage that many retired Canadians possess is home ownership. Tapping into some of the equity you have built in your home can help you obtain the additional funds you require.

Tap into your home equity

If you wish to stay in your current home, there are two popular methods to tap into your home equity: a Home Equity Line of Credit (HELOC) and a reverse mortgage.

HELOC lenders typically allow homeowners to access up to 65% of their home’s value. With a HELOC, you can borrow money as needed, based on an agreed-upon amount, and you’ll be required to make minimum monthly interest payments. Unlike a conventional mortgage, there are no fixed scheduled payments towards the loan’s principal, offering you the flexibility to repay the loan at your convenience.

A reverse mortgage is another common way homeowners tap into their home equity. Specifically, the CHIP Reverse Mortgage by HomeEquity Bank is designed for Canadian homeowners aged 55 and above. It allows you to access up to 55% of your home’s value and receive the funds as tax-free cash, all without the need to move or sell your property. While you continue to live in your home, there are no required monthly mortgage payments to worry about. The full loan amount only becomes due when you decide to move, sell the house, or through the estate after the homeowner’s passing.

Advantages of the CHIPReverse Mortgage

The CHIP Reverse Mortgage offers several benefits, one of the most notable being the absence of monthly mortgage payments. This feature is particularly valuable to Canadians 55+ whencashflow can be a concern. Here are some of the other benefits of the CHIP Reverse Mortgage:

Simplified underwriting. The CHIP Reverse Mortgage caters to Canadians aged 55+ who rely on a fixed income and might face challenges qualifying for a HELOC.
No need to requalify: Unlike a HELOC that requires continuous credit score checks, theCHIP Reverse Mortgage eliminates the need for requalification, ensuring access to funds without credit score barriers.
Death of a spouse does not impact a reverse mortgage. With a HELOC, the passing of a spouse may prompt the bank to conduct a credit score review of the surviving spouse. With the CHIP Reverse Mortgage, the loan doesn’t become due until after both homeowners no longer live in the home.
Fixed-term rate options: The CHIPReverse Mortgage provides fixedrate choices, allowing borrowers to lock in rates for up to five years. On the contrary, a HELOC’s interest rate floats and fluctuates with the Bank of Canada’s prime rate, leading to increased borrowing costs in times of rising interest rates.

Call at 905-509-8164 or contact us to learn more about how you can use the CHIP Reverse Mortgage to tap into your home equity.

Reverse Mortgages in Pickering

Maintain ownership and control of your home. Live a better retirement!

With a CHIP 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, but unlike a traditional home equity line of credit or a conventional mortgage it does not require monthly mortgage payments for a long as you live in your home

Your Obligations

You are required to pay your property taxes and home insurance and keep your property well maintained.

Benefits:

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
No payments required unless you choose to move or sell

How To Qualify:

You and your spouse are both of 55+
Your home is your principal residence
Any outstanding loans against your home must be less than the funds available from CHIP

Reverse Mortgages available for seniors! To apply or to discuss your options call us at 1.877.834.9346.

*some conditions apply.

From a guide to reverse mortgages.

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TESTIMONIALS

Thank you Steve Bryan and Felicia Ashman @ CT Mortgage Solutions. You made our impossible, possible, you refinanced our 2 properties same both January, 2022 hassle free. My husband and I are so impressed with your professionalism. Felicia, you’re a sweet soul. Steve, you get the job done! If Steve says it will be done, it will be done. We have so much confidence that we’ve been recommending you to all.

— Ijeoma & Sunny ( Whitby )
“After speaking with several Brokers, my wife and I found that Steve Bryan at Mortgage Alliance was the right broker to handle our mortgage situation. He was highly professional, proactive, knowledgeable and patient. Steve and his associates followed up regularly, and took the time to explain all the pros and cons, this allowed us to make the best decision for our family. They work swift and accurate, wrapping up all of our matters within a couple of weeks. We would definitely contact Steve Bryan for any future mortgage concerns and recommend anyone looking for mortgage services to his brokerage.”

— Peabo & Sabrina S.
“Referring u to friends/family is easy. I am picky and you addressed all my questions/concerns in a timely and professional manner. You were also extremely knowledgeable and provided me with some key information that assisted me in getting a property that meets all my needs by telling me about the home improvement loan from the bank.”

— Sophia
“ I have known Steve Bryan for the past three years …

At our meeting I told him I was looking for a second mortgage on my home, he explained the steps involved in the process with great clarity he was very articulate, professional and effective. Steve was able to secure the mortgage with B2B bank at a reasonable interest rate and to my satisfaction.

What I appreciated most was Steve’s dedication, commitment and driving results, I will recommend him to anyone in the future. ”

— Judith D
“If you’re looking for someone that will work for you and have your best interests at heart your search stops here. Steve fights for his clients to the end and never gives up on a deal until he gets it done. Thank you Steve.”

— Shelley D.
“We were recommend to Steve by a family friend and he was very professional and took the time out to lets us understand the pros and cons for what we wanted to do. When we decided what we wanted to do he gave us the best option. He’s patient and he makes sure you have all required documents before proceeding. I would recommend him to everyone.”

— Damian H