The
Versatility of the CHIP Reverse Mortgage
If you are a Canadian homeowner 55+ and
require extra cash to satisfy your financial needs in retirement, then you
should consider using a Reverse Mortgage as a source for funds. The CHIP
Reverse Mortgage from HomeEquity Bank allows you to access up to 55% of your
home’s equity in tax-free cash with no monthly payments required. With this
money you can renovate your home, pay off debts, purchase new properties, or
even take a vacation abroad. Many HomeEquity Bank clients have experienced the
benefits of the CHIP Reverse Mortgage by using its funds to meet their
financial needs in retirement.
Here are some of the most common ways
HomeEquity Bank clients have used the CHIP Reverse Mortgage:
Health Care: 91% of Canadians say they want to
remain in their own homes for as long as possible after retirement. If you are
one of these Canadians, you can use the CHIP Reverse Mortgage to help you
continue living in the comfort of your own home and community. Many Canadians
cite that they are forced to move out of their homes because they cannot afford
the high costs associated with in-home care. However, the CHIP Reverse Mortgage
can give you the financial means to remain in the home you love and afford the
health care you need as you age.
Renovations/Retrofitting: Many HomeEquity Bank clients use the
proceeds of the CHIP Reverse Mortgage for renovations and retrofitting. If this
is something you have always wanted to do, but lacked the funds for, then the
CHIP Reverse Mortgage may be able to provide the source of cashflow you need.
You can finally get around to fixing that creaky floorboard, remodeling the
entire kitchen, or to upgrade your home for mobility such as ramps without
worrying about the cost of improving your standard of living.
Income Supplement: Like many other Canadians, you might
fear that you cannot maintain the same standard of living once you retire due
to a decreased income. Furthermore, with interest rates rising and inflation
hitting all-time highs, Canadian’s average annual expenses have ballooned. For
these reasons, you may have to sacrifice your vacation plans, restaurant
dinners, or annual subscriptions. However, with the CHIP Reverse Mortgage, you
can get an increase in your cashflow with no monthly payments required and be
financially secure to live out your retirement on your terms. While still allowing your equity in your home to grow in the market
Unplanned Expenses: You may have the perfect retirement
plan, which has been built to provide you with financial security. However,
unplanned expenses are almost impossible to avoid, no matter how much planning
you have done. Emergencies relating to damages to your home and unexpected
health issues can always arise, the costs of which may not have been accounted
for in your retirement plan. The CHIP Reverse Mortgage can help you by
accessing the value of your home’s equity and giving you the tax-free cash, you
need to be financially prepared for any unplanned expenses.
Early Inheritance: Many HomeEquity Bank clients use the
CHIP Reverse Mortgage funds to provide an early inheritance to their family. With
the cash you receive from the CHIP Reverse Mortgage, you can help support your
loved ones now and give them an early inheritance to help them with a down
payment on a house or even help grandchildren with college fees. This way, you
can share in the enjoyment of their inheritance well into your retirement. This is a TAX free option and can be used in many different scenerios to help build family wealth.
Travel: We always talk about travelling
but find excuses not to do it. Two of the biggest reasons are that there is no
time to travel, or it is too expensive. When most people retire, they finally
find themselves having the time for travel, but the cost of travelling often
dissuades them. The CHIP Reverse Mortgage from HomeEquity Bank provides you
with cash now, so that you can take the vacation you have always wanted. You
can receive up to 55% of your home’s equity to use on your next destination
without making any monthly payments. Whether the trip is local, a quick weekend
getaway, or an all-inclusive beach resort, the CHIP Reverse Mortgage can help
you afford your travels.
Purchase Mortgage: Have you ever dreamed about purchasing a
nice cottage or beach house as a vacation home for you and your family? If you
answered yes, you are like many HomeEquity Bank clients who have used the
tax-free cash they receive from the CHIP Reverse Mortgage to purchase their
dream vacation home. Purchasing a rental unit is an option that could be used to supplement income as well allowing for cash flow and 2 homes that can grow equity in the real estate market
Debt Consolidation: One of the most common use of funds of
the CHIP Reverse Mortgage is for Debt Consolidation. You can use the tax-free
funds you obtain from accessing your home’s equity to pay off all your debts
and live a peaceful retired life. The best part is that you are not required to
make any monthly payments with a reverse mortgage, giving you even more monthly
cash flow to use to improve your retirement after your debt has been covered.
These are only some of the different
uses of the CHIP Reverse Mortgage.
Contact me to find out how
versatile the CHIP Reverse Mortgage is and how it can be used to help you live
a better retirement!