HomeEquity Bank the provider for CHIP Mortgages in Canada has reduced the age requirement for Canadians who wish to consider a Reverse Mortgage from 60 to 55years.
This is especially beneficial where one spouse is a bit younger than the other. HomeEquity Bank wants to appeal to those Boomers that plan early retirement.
Mortgage Brokers have increasingly connected Boomers with the CHIP program helping them pull as much as 40% out of their Equity. This helps seniors maintain lifestyle in retirement and has become a new option for those who have most of their net worth tied up in their home.
As with any form of borrowing, it’s important to weigh the benefit of taking out a Reverse Mortgage, but it does give Boomers more options. A Reverse Mortgage should be implemented as part of a sound financial plan.
Did you know that experience and knowledge, coupled with low rate mortgage solutions is what “Your Durham Mortgage Solutions Team” and Mortgage Intelligence is all about! Contact us today. We’re here to help.
Elfie Hayes as seen on the CTV National News, Rogers TV, published in RENO & Décor Magazine and profiled in Canadian Mortgage Professional Magazine.