I’ve been a mortgage broker for the past 25+ years (with an office in Qualicum Beach since 2001), helping clients from all stages of life – from first-time homebuyers to seniors – secure the very best mortgage product and rate catered to their unique needs.
I became a Certified Reverse Mortgage Specialist to better understand and support the growing needs of senior residents since Qualicum Beach has the most seniors over 65 – more than 50% of our population – than anywhere in the country!
Canadians are living longer today than ever before, which means they need more money to support their retirement lifestyle than at any other point in time. Many people want to remain in their family home, but it’s often difficult to afford a comfortable lifestyle when a lot of your money is tied up in your home, not to mention if you lose a spouse.
The CHIP reverse mortgage from HomeEquity Bank offers those who are at least 55 years old and wish to remain in your home a unique option specifically designed to serve your needs.
What makes this solution different from other financing options is that you can access home equity without having to make regular payments. All other lending products that assist homeowners in taking advantage of their home’s equity require regular payments. As well, borrowers must also qualify based on their income and credit score.
But, with a reverse mortgage, you can access up to 55% of the value of your home and your credit is rarely a factor. The reverse mortgage funds are also tax-free, which means your current pension or other income will not be impacted.
5 most popular uses for reverse mortgage funds:
- Supplementing retirement income and savings
- Paying off debt
- Updating or renovating your home to make it more accessible
- Taking a dream vacation
- Helping children or grandchildren
Have questions? I can help you decide if a reverse mortgage is the right solution for you or your loved ones.