Low Rates for Reverse Mortgages = Big Savings
It’s no secret why the popularity of Reverse Mortgages has been growing steadily among Canadian homeowners 55 years of age or over.
After all, it’s the only product that lets you borrow money based on the equity in your home and make no payments until you decide to move or sell. That’s right. You can get the money you need now and make no payments until you choose to move or sell.
And with the low rates now available, more and more Canadians will use them to unlock the value of their homes and lower their cost of borrowing.
The reason for the low rates is simple; CHIP Home Income Plan is now provided by HomEquity Bank. And as a federally regulated bank, they are able to offer dramatically lower rates. That’s great news for cash-strapped homeowners!
Susan Hunter is one of the many Canadians who have already taken advantage of these low rates.
“We wanted to pay off our debts, but we didn’t want to sell our home to do it. A CHIP reverse mortgage was a good solution for us. The rates are great and, by making modest interest payments, we are able to get the CHIP Home Income Plan at an even lower rate than we had hoped,” says Hunter. “The timing couldn’t be better.”
The Solution for You
If you’re looking for extra money to pay off debts, make important home improvements, meet day-to-day expenses or invest, the CHIP Home Income Plan could be the solution for you. The plan does offer several attractive benefits, including:
- Get $100,000, $200,000, $300,000 or more (depending on the value of your home).
- Make no payments until you decide to move or sell.
- You keep complete and total control of your home at all times.
- The money you receive is tax-free.
A CHIP Home Income Plan could be just the solution for you if you want to turn some of the equity in your home into cash, without making payments until you decide to move or sell. Now is a good time to find out more.
CHIP Home Income Plan is provided by HomEquity Bank, a Schedule I Canadian Bank. HomEquity Bank is a subsidiary of HOMEQ Corporation, a TSX-listed company.