WHAT IS A REVERSE MORTGAGE?
A reverse mortgage can be the difference between selling your home and living the comfortable retirement that they’ve worked so hard for.
The CHIP Reverse Mortgage is a loan secured against the value of the home. There are no regular mortgage payments – meaning you can allocate the money towards what you really need it for.
WHAT YOU CAN DO WITH A REVERSE MORTGAGE
The tax-free cash you can get from a reverse mortgage can be used for whatever you need it for. Whether it’s for eliminating debt, buying a vacation property, increasing your cash flow, or providing your family with an early inheritance – it’s really up to you!
You are able to access up to 55% of the equity in your home and receive the money in a lump-sum payment, periodic installments, or a combination of the two.
REVERSE MORTGAGE MYTHS
Reverse mortgages have come a long way. They have evolved from a needs-based product to a solution that many financial planners recommend as an important component of a comprehensive retirement plan. Unfortunately, there are still many misconceptions regarding reverse mortgages.
Below, the myths are separated from the facts.
Myth: The bank owns the home.
Fact: You always maintain title ownership and control of your home, and you have the freedom to decide when and if you’d like to move or sell.
Myth: You will owe more than your home is worth.
Fact: Clients can qualify for up to 55% of the appraised value of the home, 33% on average. Due to HomEquity Bank’s conservative lending practices, you can be confident that there will be equity left in the home when the loan is repaid. In fact, over 99% of HomEquity Bank’s clients have equity remaining in the home when the loan is repaid.
Myth: A reverse mortgage is a solution of last resort.
Fact: Many financial professionals recommend a reverse mortgage because it’s a great way to provide financial flexibility. Since it’s tax-free money, it allows retirement savings to last longer.
Myth: You cannot get a reverse mortgage if you have an existing mortgage.
Fact: Many of HomEquity Bank’s clients use a reverse mortgage to pay off their existing mortgage and other debts, freeing up cash flow for you to use as you wish. How great would it feel to be free of regular mortgage payments?
We are Certified CHIP Reverse Mortgage Specialists and can answer any questions you may have!
You’ve paid into your home, now let your home pay you back to enjoy the years ahead.
If there is anything we can help you with, please feel free to reach out to us!
Robert DiStefano and Mark Tamburro
Robert DiStefano, Owner, Mortgage Agent 008644| Mark Tamburro, Owner, Mortgage Broker M08002850
642 The Queensway Toronto, ON M8Y 1K5, Franchise Lic. # 10874 www.itoolpro.co/gabm