Before we get to all the important information regarding a CHIP reverse mortgage, I strongly suggest you download the free guide to a reverse mortgage on our sister site.. This is the most jam packed and comprehensive guide to reverse mortgages in Canada out there – if you are seriously considering this option, then this is pretty much a must read – download it at the link above.A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash. The product was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care.reverse mortgages Now Harder to Get. If you’ve thought about taking a reverse mortgage, be aware that new rules might make it harder for you to qualifyA reverse mortgage is a loan that allows you to get money from your home equity without having to sell your home. This is sometimes called "equity release". You may be able to borrow up to a certain percentage of the current value of your home. The maximum amount you will be able to borrow will.
This video, https://www.youtube.com/watch?v=Az2rk1DU1hI, can also be seen at https://www.youtube.com/channel/UCamB8cjJwYKSgIpUBWwBdJQ.It seems you can’t turn on a cable TV channel targeting an older demographic without seeing a barrage of commercials for reverse mortgages. These loan programs, which were developed by the U.S.Marketed to seniors as a way to help supplement their fixed income, a reverse mortgage (also known as a Canadian Home Income Plan or CHIP) may or may not be right for you come retirement if you need.Features of Reverse Mortgages With a reverse mortgage, the borrower always retains title or ownership of the home. The lender never, at any point, owns the home even after the last surviving spouse permanently vacates the property.However, if the owner fails to pay insurance and property taxes, the reverse mortgage is deemed in default and the owner is in danger of foreclosure. Success, and failure. For many retirees, such as 73-year-old Robert Lee White of Fort Lauderdale, Fla., a reverse mortgage can be nothing short of a lifeline.