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Reverse Mortgage - CHIP Home Income Plan

A reverse mortgage is secured by the equity in your home. You do not have to make a principle or interest payment for as long as you or your spouse live in your home. You will still have to keep up to date on your property tax.

You can borrow up to 50% of the value of your home.

CHIP Home Income Plan, the reverse mortgage, is designed for senior home owners age 55 and up. No income, credit or medical qualifications are required.

The money is tax-free and is not added to your taxable income so it doesn't affect the eligibility for government benefits.

The full amount of the mortgage only becomes due when your home is sold or if you move. If your heirs want to keep the home, they can repay the reverse mortgage.

If proceeding with this type of mortgage, you will be responsible for the appraisal fee and the legal fees.

Contact a mortgage broker at Western Canada Mortgage to see if this mortgage is right for you!

For more information on reverse mortgages, please watch the video below:

Have questions? Please contact Western Canada Mortgage to see if this mortgage is right for you!>

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