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Reverse Mortgage (CHIP)
A reverse mortgage is as simple as it sounds, a mortgage that pays you, instead of you paying it and there is no repayment of the mortgage. It's an essential mortgage product for people who are equity rich and cash poor. A reverse mortgage allows a homeowner to cash in their home equity through installments or a lump sum without selling their home.
You make no payments as the amount you borrow gets paid back to the The Home Equity Bank when your home is sold.
To qualify for a reverse mortgage you must be 55 or older and have 55% of available home equity in your current residence.
About CHIP Reverse Mortgage
The basics of a CHIP Reverse Mortgage for homeowners 55+
- No payments are required while the homeowner lives in the home
- No income or credit qualifications (you don’t need to be employed)
- Funds can be received as a lump sum or over time and are tax-free
- When your home is sold the Reverse Mortgage is paid back
How can a CHIP Reverse Mortgage help?
- You are finding you want an extra $500 , 1000 or 2000 or more each month to manage your bills and have a good lifestyle in your later years. Why struggle month to month in the home you want to enjoy into your twilight years when a Reverse Mortgage will easily take that burden away and you don’t need to have income or credit requirements.. you just need equity in your home.
- Seniors that want to help a family member now vs to waiting until the inheritance stage. You could get a lump sum easily and help your adult children with something now.
Seniors today are living longer, saving less, spending more and carrying more debt than ever before. The CHIP Reverse Mortgage Plan can meet the needs for cash flow by providing you with a long-term alternative with borrowing against your home equity while not having to make any payments to cover the mortgage—this is all settled up when you sell your house.
Reasons to get a CHIP Reverse Mortgage
- You need another income revenue to support your retirement plans
- You want to access your home's equity without selling it
- You want to enjoy your home in retirement with a source of extra income
- You didn't spend all that hard work and money paying off your home to have to sell it
Required documents for CHIP Reverse Mortgage
Identification
Why is it required?
Important things to note
Current Mortgage Statement
Why is it required?
Important things to note
Property Appraisal
Why is it required?
Important things to note
Void Cheque
Why is it required?
Important things to note
Access you home equity, with a take-out mortgage
Don't qualify for a reverse mortgage? Get access to your home equity without selling your home and get a take-out mortgage.
Have a question?
Feel free to send us an email with any questions you may have about the required documents for a reverse mortgage.
We'd be happy to help!
How to get started with a CHIP Reverse Mortgage
Decide on a mortgage loan
There are a variety of mortgage types and purposes. Deciding on the best mortgage for you is essential to getting the most logical loan for your financial needs, goals and future.
If you don't know what you want or need in a mortgage, we can assess your finances and in consideration of your financial needs and goals, we'll provide the best mortgage and rate for you.
Contact us for advice
We can assess your situation and advise on a mortgage product that will meet your financial goals and needs into the future.
Contact us for mortgage consultation
We can be contacted by phone, email or directly through our website. We do consultations through email, phone and meetings. To begin a consultation fill out a form pertaining to your mortgage needs.
We've been helping Canadians obtain financing at the best terms and rate for 30 years and we'd be happy to help you get the best mortgage.
Fill out an online form
We have a variety of forms and applications at your disposal. We do everything from mortgage applications to mortgage assessments to helping to improve credit ratings.
How getting a Reverse Mortgage works
Fill out our online mortgage application
We assess your financial information
We chat about your mortgage financing options
We collect your required documents
We shop for your best reverse mortgage
We submit your application to a lender
You get approved for mortgage financing
We continue to advise and standby to guide
Determine your home equity
with a free Ontario property assessment
A summary of our mortgage service
We navigate the mortgage market for you. As professionals we shop for you and in doing so we provide proficient service and advice.
Nick and his staff were very efficient and helpful. Nick in my opinion went above and beyond what was required in arranging my new mortgage. This has been my experience over the past 25 years when dealing with Mortgage for Less and Nick specifically.
Steven Hensman
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Nick Mitskopoulos was professional, trustworthy, efficient and proactive. His expertise as a broker was evident from the moment we met him. We had encountered 2 other brokers before but we decided to go with Nick because of his professionalism and sense of ethics. He was also patient and answered our numerous questions. We definitely recommend him as a mortgage broker. Keep up the good work Nick!
Sylvie Leung
Google Review
At no cost to you, we work on your behalf with your best interests in mind, until the mortgage transaction is closed and you are funded.
We asses your situation, advise on a mortgage product, find your best rate and provide you with options to customize your mortgage.
Nick was great to deal with. Professional, knowledgeable, polite and quick to answer any questions we had. Throughout the process from mortgage pre approval all the way through to closing day he stayed in touch making sure we had all the information necessary.
Would highly recommend Nick.
David Lowcock
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I have used Mortage For Less for all my mortgages since purchasing my first home nearly 15 years ago. From our first experience Nick has always been amazing at providing advice and negotiating great deals, and we have been a loyal customers ever since. Nick also jumped in quickly to help us work out a line of credit through our mortgage when we inquired a few years ago, and he provides interesting updates on the market. I plan on sticking with Nick for as long as I own a home.
Rob Taniwa
Google Review
We consider your financial needs and goals to provide a proficient service of strategic mortgage customization.
We provide advice before and after a mortgage. We're dedicated to answering and advising on all your mortgage inquiries.
What a pleasure it is to do business with Nick. I have used Nick as my mortgage broker several times now and wouldn't think of using anyone else. He is knowledgeable, professional and always timely on any questions or inquires I have. He makes you feel like you are a special customer through the entire process. Nick thanks again for all you expertise and making this a smooth transaction.
Much appreciated !
Danny Phillips
Google Review
It's always been a pleasure to work with you. Everything was made very easy for us even though you are in a different province. I believe I always got a great rate without me having to negotiate with several different banks. All the work was done for me. Thank you.
Mary Tiberio
Google Review
We provide a continued service of advice to strategically save tens of thousands over the life of a mortgage.
Access your home equity with a Reverse Mortgage (CHIP)
Apply online
Our mortgage application and pre-approval are simple, straightforward and don't require much information to begin consultation.
Want a consultation?
We've been advising on mortgages for 30 years and we've helped thousands of Canadians get approved for their mortgage financing needs. We'd be happy to help you with your reverse mortgage.
VERICO MORTGAGE FOR LESS CORP.
120 Eglinton Avenue East, Suite 500 Toronto, ON M4P 1E2 CanadaPhone: (416) 699-1010
Fax: 1-855-221-2154
Toll Free: 1-888-448-2222
Email: info@mortgageforless.com
Ontario Mortgage Broker License number 11125
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