Reverse Mortgage
You worked hard all your life and invested in property. You did all the right things.
It’s about time you sit back, relax, and enjoy the fruit of your labour! A CHIP reverse mortgage can help you have the retirement you’ve always dreamed about.
Make your equity work for you! Especially during retirement
A reverse mortgage allows you to use your equity without selling your home, giving you the option to travel, start a project or simply enjoy life the way you want without feeling strapped for cash. There’s no better financial institution to shop for your reverse mortgage, to make sure you maximize on your savings. Multi-Prêts is here for you!
What is a CHIP reverse mortgage?
A tax-free way to access home equity
The CHIP reverse mortgage program allows you to borrow money, secured by the equity in your home. You can get up to 55 % of the net value of your property without paying tax or repaying the loan for as long as you own it. The amount to be reimbursed will never exceed the market value of your home.
A source of revenue
With a reverse mortgage, you can give yourself a monthly income by borrowing money against the net value of your home. At the same time, your home can continue to grow in value.
Une source de liquidités
You can also choose to borrow a lump sum against the value of your home, in the case you want to
1 | Improve your standard of living
2 | Home care services
3 | Travel
4 | Renovate
5 | Buy a car
6 | Buy a second home
7 | Finance a project you’ve been dreaming about
Capitalisez votre propriété
Is the reverse mortgage the right mortgage option for you? For a more precise idea of the amount you could access with your property, Multi-Prêts brokers will be happy to help!
Find a brokerHow is a CHIP reverse mortgage calculated?
- Your age
- The market value of your property
- The type of property you own
- Current interest rates
Who is admissible?
- Reverse mortgages are available to homeowners age 55 and up that own a property in a territory covered by a lending institution.
- Your eligibility is not dependent on your health, source of revenue, or credit score.
Advantages of reverse mortgage
There are no fees to pay as long as you own your home.
The loan is reimbursed only once the property is sold, or, when the last co-homeowner dies. The full amount of the loan (capital and interest) is then deducted from the market value of the property.
It is important to understand that there are also administrative fees associated with closing a sale (property evaluation, mortgage closing costs, notary, etc.). To avoid surprises, it’s a good idea to negotiate these fees upon signing a reverse mortgage contract. Multi-Prêts broker may help you on this.