Take comfort in knowing that Campbell River Mortgage Centre specialist, Kent Reesor will provide you with all the information, sound advice, and assistance you need, every step of the way. WIth more than 35 years experience, you can feel confident with the assistance we can provide you for your mortgage and home equity needs.
CHIP Reverse Mortgages
Got questions? Here are frequently asked questions about Reverse Mortgages!
A CHIP Reverse Mortgage is secured by the equity in your home. Unlike a traditional mortgage in which you make regular payments to someone else, a reverse mortgage pays you. The big advantage with the CHIP Reverse Mortgage is that you do not have to make any regular mortgage payments for as long as you or your spouse lives in your home. That’s what has made reverse mortgages such a popular solution in Canada, the U.K., the U.S., Australia and other countries.
You can receive up to 55% of the value of your home. The specific amount is based on your age and that of your spouse, the location and type of home you have, and your home’s current appraised value. You can contact me and I can quickly give you an estimate of how much you may be approved for.
You can choose how you want to receive the money. The CHIP Reverse Mortgage gives you the option of receiving all the money you’re eligible for in one lump sum advance, or you can take some now and more later, or you can receive planned advances over a set period of time. Planned advances are available on the Income Advantage product.
The homeowner keeps all the equity remaining in the home. In our many years of experience, over 99% of homeowners have money left over when their loan is repaid. The equity remaining depends on the amount borrowed, the value of the home, and the amount of time that’s passed since the reverse mortgage was taken out.
No. Many financial professionals recommend a reverse mortgage to supplement monthly income instead of selling and downsizing, or taking out a conventional mortgage or a line of credit.
The CHIP Reverse Mortgage is designed exclusively for homeowners age 55 and older. This age qualification applies to both you and your spouse.
No. The homeowner retains title and maintains ownership of the home. It’s required for the homeowner to live in the home, pay taxes on time, have property insurance, and maintain the property in good condition.
Many of our clients use a reverse mortgage to pay off their existing mortgage and debts.
There are one time fees to arrange a reverse mortgage such as an appraisal fee, fee for independent legal advice as well as our fee for administration, title insurance, and registration. With the exception of the appraisal fee, these fees are paid for with the funding dollars.
There are no monthly payments required as long as the homeowner is living in the home.
CHIP Reverse Mortgage
Other types of finances
The Mortgage Centre understands that everyone has a unique lifestyle, and we believe your mortgage financing should be just as unique.
With increased flexibility in lenders and options, gone are the days of the "one size fits all" mortgage. We're here to investigate your options, and provide advice based on our years of industry experience.
Need help on refinancing? Check out some of our other services
to New Property
Seek help for calculating your mortgage and equity