• MMT App
  • Careers
  • Contact
  • French
  • Find an Expert
  • Home
  • Mortgage Prep
  • Buying a Home
  • Refinancing
  • Commercial
  • Rates & Lenders
  • More Value
  • Economic Insights
  • Our House Blog
  • MMT App
  • Careers
  • Contact
  • French
  • Find an Expert
  • All
  • Lifestyle
  • Mortgage Tips

Published by HomeEquity Bank

January 11, 2022

Get Your Home Equity Working for You with a Reverse Mortgage.

The notion that we should be mortgage-free is a focus many of us strive to achieve the moment we realize the dream of homeownership. But, the fact is, many outstanding expenses and debts could be powered down faster – and more economically – by tapping into your home equity with a CHIP Reverse Mortgage.

There’s no time like the present to take charge of your finances and ensure you have enough cashflow to live comfortably while also using your money how you see fit – whether that involves helping out family members, spending money on your home or making a special trip or other large purchase.

Give yourself a fresh start and plan ahead

Taking advantage of your home equity through a CHIP Reverse Mortgage and freeing up some money to pay off unsecured high-interest debt on your credit cards, line of credit and/or loan, can be a very liberating move.

You’ll find that taking equity out of your home to pay off debt will also keep more money in your bank account each month – funds that would otherwise be put towards debt payments and interest.

With access to more money, you’ll not only be better able to manage your current debt, but you can also plan ahead by taking out equity to complete some home renovations or even help your children and grandchildren with their home and/or education needs.

As a Canadian 55 years or older, you may be eligible to access up to 55% of your home equity tax-free – and without impacting your CPP or OAS income. A CHIP Reverse Mortgage is a loan secured against the value of your home and, unlike a traditional loan or mortgage, you’re not required to make regular mortgage payments. The loan is repaid only when you no longer live in your home.

By paying off your debt now and/or helping a family member when they need it most, you can put yourself and your family in a better financial position moving forward. Have questions about unlocking some of your home equity through a CHIP Reverse Mortgage? Let’s discuss how this solution can benefit you.


Share this:
Categories: Mortgage Tips Sponsored Categories:

Recommended articles.

View More

4 Key Things to Know about a Second Mortgage

January 31, 2023

A second mortgage is a mortgage that is taken out against a property that already has a home loan (mortgage) on it. Generally people take out second mortgages to satisfy […]

Read More

Is a Reverse Mortgage Right for You?

January 17, 2023

A reverse mortgage is a versatile and flexible financial solution for Canadians in their retirement years. Homeowners 55+ are unlocking their home equity for tax-free funds that don’t have to […]

Read More

What to Know About Title Insurance

January 17, 2023

There are many insurance products when it comes to your home, but not all are created equal. One such insurance policy that potential homeowners may encounter is known as “title […]

Read More

How the CHIP Reverse Mortgage helps you with your cash flow over the holiday season

December 19, 2022

The holiday season is certainly a time filled with joy, but it can be a very expensive time of year. Between gifts, travel, decorations, parties, and food, Canadians find themselves […]

Read More

Facts About Using a Guarantor

November 22, 2022

In the mortgage world, a “guarantor” is someone who guarantees the mortgage on behalf of the mortgage holder in the case that the mortgage holder cannot pay back the loan. […]

Read More
  • Find an Expert
  • Home
  • Mortgage Prep
  • Buying a Home
  • Refinancing
  • Commercial
  • Rates & Lenders
  • More Value
  • Economic Insights
  • Our House Blog
  • MMT App
  • Careers
  • Contact
  • French
  • Find an Expert

© 2023 Dominion Lending Centres Inc. All rights reserved. Privacy Policy Terms & Conditions