NO monthly payment home equity loan 55+
WHAT IS A NO PAYMENT MORTGAGE AND IS IT RIGHT FOR ME?
The no monthly payment mortgage is a lifetime deferral solution, purpose built for Canadians 55+, commonly known as a Chip Reverse Mortgage.
Canadians are becoming more aware that getting approved for mortgage is becoming increasingly difficult. Lenders are more risk adverse, closely scrutinizing mortgage applications and cutting back on refinancing loans. There are many reasons clients get turned down for a mortgage, ranging from low income and credit problems to self employed and commissioned income or tips based earnings.
In addition to reverse mortgage Hamilton, we are increasingly getting requests from home owners for reverse mortgages Kitchener, reverse mortgages Burlington, reverse mortgages Milton, reverse mortgages Etobicoke and all over Ontario.
Whatever the situation, if you are 55+ and house rich but struggling to meet your monthly financial obligations, the Reverse Mortgage in Canada may be your ideal solution.
If you have questions, you are right - your situation should be carefully assessed. This mortgage solution is not for everybody. But, as traditional lenders turn away from the lower income older borrowers, homeowners look for help from alternative and private mortgage lenders. They face interest rates ranging from 5% to 15% or higher and short 1-3 year terms. When these short terms end, this can leave the aging Canadians in a worst place than when they started. At that point, they still cannot exit their expensive financing, eroding their home equity further.
As many older Canadians already have cashflow concerns, one wonders how going forward, they will afford the 1-3 year renewal fees and high interest rates, without selling their value appreciating asset, their home. Once they sell the home, there is little or no chance they can return to homeownership and their value appreciating asset has been lost for good.
Call us to assess if reverse mortgages Hamilton or anywhere in Ontario are the right solutions just for you.
Canadians are becoming more aware that getting approved for mortgage is becoming increasingly difficult. Lenders are more risk adverse, closely scrutinizing mortgage applications and cutting back on refinancing loans. There are many reasons clients get turned down for a mortgage, ranging from low income and credit problems to self employed and commissioned income or tips based earnings.
In addition to reverse mortgage Hamilton, we are increasingly getting requests from home owners for reverse mortgages Kitchener, reverse mortgages Burlington, reverse mortgages Milton, reverse mortgages Etobicoke and all over Ontario.
Whatever the situation, if you are 55+ and house rich but struggling to meet your monthly financial obligations, the Reverse Mortgage in Canada may be your ideal solution.
If you have questions, you are right - your situation should be carefully assessed. This mortgage solution is not for everybody. But, as traditional lenders turn away from the lower income older borrowers, homeowners look for help from alternative and private mortgage lenders. They face interest rates ranging from 5% to 15% or higher and short 1-3 year terms. When these short terms end, this can leave the aging Canadians in a worst place than when they started. At that point, they still cannot exit their expensive financing, eroding their home equity further.
As many older Canadians already have cashflow concerns, one wonders how going forward, they will afford the 1-3 year renewal fees and high interest rates, without selling their value appreciating asset, their home. Once they sell the home, there is little or no chance they can return to homeownership and their value appreciating asset has been lost for good.
Call us to assess if reverse mortgages Hamilton or anywhere in Ontario are the right solutions just for you.
NEW CHIP OPEN ENTERS THE REVERSE MORTGAGE SCENE
A NEW, flexible Reverse Mortgage solution enters the mortgage market scene. CHIP Open will provide Canadians 55+ with a short-term Reverse Mortgage giving them flexibility to repay 100% of the balance owing at any time, without prepayment penalties.
CHIP Open is a Reverse Mortgage designed for clients with short-term financing needs, such as bridge financing, or completing a large renovation in preparation to sell, and it offers the ability to repay the mortgage in full without penalty. CHIP Open allows you to access up to 55% (depending on all owners age) of your tax free home equity, and you are never required to make a payment until you decide to repay the mortgage in full, move, or sell.
Who is eligible for CHIP Open?
Homeowners aged 55+, who meet the normal CHIP eligibility criteria and own a home valued at $300,000 + are eligible for CHIP open.
What is the difference between CHIP Open and CHIP?
Contact us today to learn how CHIP Open can be a good solution for you.
CHIP Open is a Reverse Mortgage designed for clients with short-term financing needs, such as bridge financing, or completing a large renovation in preparation to sell, and it offers the ability to repay the mortgage in full without penalty. CHIP Open allows you to access up to 55% (depending on all owners age) of your tax free home equity, and you are never required to make a payment until you decide to repay the mortgage in full, move, or sell.
Who is eligible for CHIP Open?
Homeowners aged 55+, who meet the normal CHIP eligibility criteria and own a home valued at $300,000 + are eligible for CHIP open.
What is the difference between CHIP Open and CHIP?
- CHIP Open has no prepayment penalties when repaid in full
- NO monthly payments for the entire term, up to three years
- The mortgage is offered for a three-year term at a variable rate
- The CHIP Open interest rate and closing costs are slightly higher than the CHIP Reverse Mortgage, in order to account for the greater flexibility this product offers including the ability to convert to the CHIP Reverse Mortgage at any time.
Contact us today to learn how CHIP Open can be a good solution for you.
55+ NO MONTHLY PAYMENT REVERSE MORTGAGE FOR COMFORTABLE RETIREMENT
While a Reverse Mortgage is not for everybody and homeowners sometimes resist reverse mortgages for various reasons, the reality is, a reverse mortgage is:
If you are in the 55+ age group, have equity in your home, nearing retirement or retired and are looking for a reasonable interest rate solution, you may be a fit for the CHIP reverse mortgage strategy.
Give us a call or apply online and we will help you assess your options.
- A lifetime home equity loan for older Canadians
- There are NO monthly payments, giving homeowners more monthly cashflow to live out their retirement comfortably
- NO renewal fees
- NO income needed
- NO requalification
- It is impossible to default on the reverse mortgage
- And the best part is, the mortgage cannot be called in and No, you CANNOT be asked to leave your home. The mortgage is due and payable only when the owner sells or passes away.
If you are in the 55+ age group, have equity in your home, nearing retirement or retired and are looking for a reasonable interest rate solution, you may be a fit for the CHIP reverse mortgage strategy.
Give us a call or apply online and we will help you assess your options.
