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Common Uses of Reverse Mortgages by Barrie Mortgage Broker Vince Savoia

Updated: Apr 6

I wanted to take a moment to share some information with you about a product that is becoming popular with Canadians aged 55 and older: the CHIP Reverse Mortgage.

This unique financial tool offers many benefits that no other product can offer. With the CHIP Reverse Mortgage, you can access up to 55%* of the equity in your home, tax-free.

The money you receive can be used in a variety of different ways, including:

  1. Purchasing another property (second home, cottage)

  2. Eliminating debt repayment

  3. Increasing your monthly cash flow, with no impact on other pension income

  4. Helping a child or grandchild

  5. Early inheritance, reducing or eliminating probate taxes

  6. Unexpected health or long-term care costs

  7. Home repairs and improvements

  8. A dream vacation

  9. And more!

By accessing the equity in your home, you are able to accommodate any financial obstacles and goals you have, without having to move or sell your home.

One question I often receive is: How does a reverse mortgage work? A reverse mortgage is a loan secured against the value of your home. However, unlike a traditional Home Equity Line of Credit (HELOC) or a second mortgage, you are not required to make monthly mortgage payments for as long as you live in your home. And you will maintain ownership and control of your home.

If you would like to learn more about the CHIP Reverse Mortgage and how it can fit within your financial plan, please email me at info@vincesavoia.ca or call me at 416-427-4391. I would be happy to answer any of your questions, and we can determine if this product is an option for you.

For more information, call Barrie Mortgage Broker Vince Savoia.

Barrie Mortgage Broker Vince Savoia
Barrie Mortgage Broker Vince Savoia

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