After retirement, seniors usually want to live a carefree life without having the burden of paying off expenses that can cause financial strain. With a CHIP reverse mortgage, seniors can obtain their home equity and turn it into tax-free cash without any stress of having to make monthly mortgage payments. A reverse mortgage is a financial solution intended to support Canadian homeowners in the age bracket of 55 and above, to retire safely and securely.
As opposed to a traditional mortgage, you or your spouse don’t have to make any sort of principal or interest payments until you leave the house. Instead, you can use this money to live your retirement pleasantly, knowing that you don’t need to leave your home.
For more details about a reverse mortgage and eligibility in Canada, reach out to Mortgage24.