If you are over the age of 55 a CHIP or reverse mortgage option might be a great solution for you.
Reverse mortgage’s in Canada are not the same as the ones in the United States. In Canada these types of banks are federally regulated, and they have extremely conservative guidelines to protect your equity.
Do you have equity in your home and are looking for ways to increase your cash flow, pay off debts, do maintenance or renovations on a home or purchase a new one, WITHOUT ever having to make a mortgage payment for as long as you live in your home, then give us a call.
With an equity based loan an approval is done without income documentation. What matters is the equity you have built in your home, your age and your home itself. Use the Reverse mortgage calculator below to see how much cash flow you can access from the equity in your home.
HomeEquity Bank is the most well known financial institution that offers reverse mortgages in Canada, and the Mortgage Sisters are certified specialists.