10/27/2024
We have all seen the commercials for the CHIP reverse mortgage but most people do not truly understand how it works! The biggest misconception is that you no longer own your home, this is completely not true. Your house does remain yours! When would this makes sense to do? For people who are living on a fixed or low income that are finding it expensive to live and pay their bills on their retirement income, This may be the solution. The CHIP mortgage allows you to access equity from your home tax free and does not effect your CPP or OAS income! You can pay off your existing mortgage, all debts and put money in your bank account, the best part is that you now have no mortgage payment to make, For some people , this will allow them to stay in their home and afford to live!! I am happy to explain further if anything needs further information, please message me !!
