4.50% for up to 50% of value
Available to seniors until May 31st.
CHIP Home Income Plan provided by HomEquity Bank, has reduced it’s One Year Term interest rate to 4.50% with no payments required.
Senior Home owners (age 55+)can now benefit from rates competitive with traditional forms of home equity borrowing while taking advantage of reverse mortgage features that enables them to enjoy life on their terms:
- No income, credit or medical qualifications required
- 50 bps rate discount when interest payments are made annually
- Funds are tax-free and don’t affect eligibility for government benefits
Most important unlike traditional mortgage or lines of credit that carry a risk of non-renewal or cancellation due to a change in lending policies or financial situation of the client, reverse mortgages require no interest or principal payments until your clients choose to move or sell.