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Serving : Ottawa

613-706-3447

Funds in 2 Business Days. Approved in Minutes

CHIP Home Income Plan for Canadian Seniors

Age 55 or older

Up to 55% of the home value

Tax-free cash

No Monthly Payments

Reverse Mortgages

A Reverse Mortgage May Be the Answer

Across Canada, more and more Canadians age 55 and older are choosing reverse mortgages. Too often, people who have worked hard their whole lives still haven’t been able to save enough to give them the retirement lifestyle that they desire.

What would you do with if you had the extra income that a reverse mortgage can provide? Pay off debt? Go on a vacation? Buy that new sports car that you’ve always dreamed of but could never afford? The choice is yours. With a reverse mortgage, you can have the retirement that you’ve worked so hard for and that you deserve.

How a Reverse Mortgage Works

Simply put, a reverse mortgage is a loan for up to 55% of your home’s value. The older you are and the more your house is worth, the more lenders will usually be willing to give you in a reverse mortgage.

You still own your home and your payments do not impact your Old Age Security (OAS) or Guaranteed Income Supplement (GIS).

You may pay off the loan whenever you like, but you may also choose not to pay it all while you are living in your home. If you die with a reverse mortgage, then your estate must pay it with interest before any beneficiaries are paid. You will also have to pay it back if you choose to sell your home.

Is a Reverse Mortgage the Right Solution for You?

To understand whether a reverse mortgage is right for you, it is important to understand both the benefits and the drawbacks. While it can be an excellent tool for providing you with extra income in your retirement, there are upfront costs you should be aware of including appraisal and legal fees.

A professional mortgage advisor from Matrix Mortgage Global can help you understand the important details and help you decide whether a reverse mortgage is a right product for you or whether you should be looking at other mortgage solutions.

Contact the team at Matrix Mortgage Global Today

If you are considering a reverse mortgage, then contact Matrix Mortgage Global today for a consultation. We will be happy to help you through the application process and answer any questions you may have.