Reverse Mortgage Myths
There are many speculations & myths out there from sources with no credibility.
Don't become a victim of bad information. Here are the myths and facts about a reverse mortgage.
You Do Not Own Your Own Home
Many believe that with a reverse mortgage, the bank owns your home. This is simply not true.
FACT: The title of the property remains in the homeowners name the entire time. You don't pay the bank, a reverse mortgage pays you. It’s that simple. You always maintain ownership of your home and you’ll never have to move or sell for as long as you or your spouse lives in the home.
Unpaid Interest Will Erode Equity
Many believe that the unpaid interest will erode their equity, but you are protected through time.
FACT: Our conservative lending practices ensure that your home equity is protected. You will receive a home valuation to determine the value of your home at the current time you request a loan. The value of your home will never drop below the amount of the reverse mortgage. This secures your investment and your equity.
A Reverse Mortgage Is a Solution of “Last Resort”
Many financial professionals today agree that a reverse mortgage has turned into a viable retirement plan for almost any situation.
FACT: Canadian seniors in any situation can get the money they need to finance their retirement with a CHIP Reverse Mortgage, as long as they own their home.
FREE Reverse Mortgage Guide
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I am so glad we came across this website. We had no idea how we were going to help our parents out and came across the CHIP reverse mortgage plan and it's been a great help for our family.
Tom H - Caledon, Ontario
Great professionalism. The team worked with me to lock down a mortgage so that I could buy my place. Being self-employed, crunching the numbers was challenging, but he was diligent and was able to ...
Sean B. - Bolton, Ontario
Joy helped me with my Reverse Mortgage and I couldn't be more thankful to her. There were no hassles, she was incredibly knowledgeable and guided us every step of the way. I wasn't sure how I would...
Emily W - Vaughan, Ontario
My parents were looking to get equity out of their house to help pay off some bills and take a much needed vacation. We looked long and hard at our options and determined the Reverse Mortgage was t...
Bob W - Vaughan, Ontario