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Customer Stories:

"My mortgage broker told me that CHIP could be used to help me purchase the new townhouse I wanted. With a CHIP Reverse Mortgage, my broker explained, the purchase price of the new house can consist of the down payment (pro­ceeds of the sale) and the reverse mortgage. 
With CHIP, I was able to afford the townhouse I wanted in my desired 
neighbourhood and still have some money left just in case. "

 

-Carol

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  • Reverse Mortgage Canada

Large Credit Limits

The maximum reverse mortgage we “officially offer” is $1.5million, but with board approval we have gone as high as $3million Because our approvals are based primarily on client age and property, clients with higher value homes can qualify for a much larger credit limit with a Reverse Mortgage than with any traditional income qualifying lender.

Example:

-Mr and Mrs Jones live in West Vancouver and their home has gone up nicely over the years, now sitting at $5m. -They are 70 years old, seeing that they have most of their net worth tied up in the home, but aren’t ready to sell yet. -With a Reverse Mortgage, we can offer them an advanceable credit limit of $1,497,495 which they can draw from for anything they need. 

In this case, Mr and Mrs Jones used the funds for the following:

  • Paid off their existing credit line for $300k so they could stop making payment

  • Bought a new car

  • Put on a new roof

  • Gifted $200k to each of their 3 children as an early inheritance

  • In the end, they have absolutely no payments to make on this loan, and still have $550k of available unused credit that they can tap into for anything they need for as long as 1 of them live there.

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