Date Posted: November 28, 2017
On this episode of CTV Morning Live’s Mortgage Minute, Annette Goerner is joined by Frank Napolitano of Mortgage Brokers Ottawa and Wendy Mason of HomEquity Bank to discuss reverse mortgages.
Commonly known as the CHIP reverse mortgage, this unique program has gained popularity over the last several years with the help of educating clients as to its qualities and merits.
Reverse mortgages are available to individuals 55 years or older who can use up to 55% of the equity in their home to provide tax free cash. Payments are optional for borrowers who can use the money to supplement their retirement savings and pension income, pay off debts, help children or grandchildren, renovate your home or for anything they choose.
Speaking with a Mortgage Broker can help determine your eligibility and will help by discussing your particular scenario and how this product may be the right fit for your future.