CHIP Canada Reverse Mortgages Waives Closing Costs

The seniors’ lending team at Home n Work Mortgages Inc. is pleased to announce that CHIP  (Canadian Home Income Plan) is offering a limited time ’special’ on closing costs of reverse mortgages.  This is the first time we have ever seen them offer this type of incentive, as they essentially have a monopoly on the reverse mortgage product in Canada.  With closing costs effectively waived, seniors are  saving  $1495 on legal and administrative fees.  Closing costs are not unique to a reverse mortgage, as all borrowers incur various types of closing costs on a traditional mortgage, such as appraisal, legal and sometimes a lender fee.  So, while fees are not unique to a mortgage, it’s always nice to see seniors in Canada catch a bit of break on costs.  The promotion applies to 3 and 5 year terms only, must be applied for by November 30th and close by December 31st.

Canadian Home Income Plan is the leading provider of reverse mortgages in Canada, and is the flagship product from HomEquity Bank, a Schedule 1 Canadian Bank and a wholly-owned subsidiary of HOMEQ Corporation.  Now in its 25th year of business operations, HomEquity Bank is the only national provider of reverse mortgages in Canada under the CHIP Home Income Plan label.  HOMEQ’s shares trade on the Toronto Stock Exchange under the symbol HEQ.

A Canadian reverse mortgage is available to seniors over 55 years of age and allows them to access up to 50% of their home’s value.  The Canadian Home Income Plan has no income, credit or health qualifications.  Unlike traditional mortgages such as equity loans or home equity lines of credit, borrowers are not required to service the interest or repay the principal for as long as they own their home and are living in it.  This can be especially well suited to seniors living on set incomes with limited monthly cash-flow.  All mortgages are different, and as such, can be better matched to borrowers through proper discussion and evaluation with a licensed broker. A consultation with a government licensed mortgage broker from the seniors’ specialist team at Home n Work Mortgages Inc. can help you determine the best choice for your particular situation.  Seniors can also consider using the equity in their home to secure a different type of mortgage, such as a line of credit or an equity loan.  As a national brokerage, they can shop all of the lenders across the country and find you the best rate.   In Canada reverse mortgages are just one option in an arsenal of many that seniors have at their disposal to improve cash flow.

Contact Information

Rebecca Awram

Mobile Mortgage Expert

Home n Work Mortgages Inc.

(1) 604-614-2382

rebeccaawram@homenwork.com