Is a Reverse Mortgage Right for you?

In order to secure a mortgage today you better be ready to jump through a lot of hoops. As house prices continue to rise, and as the government continues to intervene, it doesn’t look like we’re going to see a reversal of this trend anytime soon. Mortgage qualification just isn’t what it used to be.

But what if I told you there was a mortgage product available in Canada that didn’t require any income or credit documents in order to qualify? And once you got the mortgage, you didn’t have to make any payments as long as you lived in your home?

Too good to be true? Well, maybe if you’re a young first time buyer who’s just getting into the housing market, but not if you’re over 55 years old and have a lot of equity saved up in your home.

A CHIP reverse mortgage by HomeEquity Bank enables homeowners aged 55 and older to access up to 55% their home equity without making any monthly repayments. Seriously.

If you're like many other 55+ Canadians, much of what you own fits into two categories—the equity in your home and the money you've saved. Chances are, the value of your home has grown over the years and makes up a good portion of your net worth. While having a home that has built value is a positive, you typically can’t spend that value unless you sell it. And that’s something many homeowners simply do not want to do.

That’s where CHIP comes in.

A CHIP Reverse Mortgage lets you change the home equity and savings balance by turning some of your equity into cash. Unlike many mortgage-based financial products, you’re not obligated to make any payments until you choose to move or sell. The process to secure a CHIP reverse mortgage is actually quite simple. As a certified reverse mortgage specialist, I’m able to walk you through the process from start to finish. In our initial meeting we will discuss the amount you can qualify for. You will then decide how much equity you would like to access. From there, you will receive the money you need in one lump sum or in multiple installments. You can spend the money however you like! The full amount only becomes due when you and your spouse pass away, when your home is sold, or if you decide to move.

Usually the hardest part of the entire process is deciding on to best spend the money. And just in case you need some help with that, here are some ideas. You could retire early, you could maintain the lifestyle you’ve become accustomed to, you could spend more time with family, renovate your home, or even gift some money to your kids, (who may want to buy their first home).

Regardless of what you decide to do with the money, I’m here to provide you with mortgage financing solutions. The Chip Reverse Mortgage is simply one of the products I can offer you.

Please call me anytime, Sabeena Bubber at 604-862- 8526, email me directly at

sabeena@xeva.ca or check out www.myreversemortgage.ca to learn more about whether this
is the right mortgage for you.