{"id":43,"date":"2016-09-13T15:04:19","date_gmt":"2016-09-13T19:04:19","guid":{"rendered":"http:\/\/dev22.604media.com\/DLC_contemporary\/?page_id=43"},"modified":"2026-09-08T18:08:08","modified_gmt":"2026-09-08T22:08:08","slug":"chip","status":"publish","type":"page","link":"https:\/\/hosseinfiroozsani.ca\/en\/refinance\/chip\/","title":{"rendered":"Reverse mortgage (CHIP) \u2014 age 55 and over"},"content":{"rendered":"

Access the value of your home without selling and without monthly payments. That is the principle, and it comes with real trade-offs.<\/strong><\/p>\n

A reverse mortgage is for homeowners aged 55 and over. You receive a sum \u2014 as a lump sum, in periodic payments, or both \u2014 and no payment is required as long as you live in the property. The balance, principal and interest, is repaid when the home is sold, when you move, or on death.<\/p>\n

What it allows<\/h3>\n

Staying in your home.<\/strong> That is usually the real motivation: freeing up cash without leaving the house or the neighbourhood.<\/p>\n

No required monthly payment.<\/strong> Useful when retirement income no longer supports a traditional loan.<\/p>\n

You remain the owner.<\/strong> Title stays in your name. You continue to cover taxes, insurance and maintenance.<\/p>\n

The funds received are not taxable income.<\/strong> They therefore generally do not affect income-tested benefits. Always confirm your own case with your tax advisor.<\/p>\n

What you need to know first<\/h3>\n

The rate is higher than a regular mortgage.<\/strong> And since nothing is repaid along the way, interest accumulates on interest. The balance can grow quickly over ten or fifteen years.<\/p>\n

It reduces what is left to your heirs.<\/strong> This is the most important point. If passing on the property matters to you, this conversation belongs with your family, not on your own.<\/p>\n

Fees apply.<\/strong> Appraisal, legal fees, administration fees. A penalty may also apply on early repayment. Everything must be disclosed to you in writing before you sign.<\/p>\n

Options to compare first<\/h3>\n

Before going to a reverse mortgage, we look at what else exists: a conventional refinance if your income supports it, a home equity line of credit, or simply selling and buying something smaller. These options generally cost less. A reverse mortgage is a good tool in specific situations, not a default solution.<\/p>\n

I will always recommend that you consult independent legal counsel \u2014 it is generally required \u2014 and that you discuss it with your family before committing.<\/p>\n

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We compare every option side by side, with the costs over ten and fifteen years. No pressure, no obligation.<\/p>\n

Let’s compare your options<\/a><\/p>\n

or call directly: 514-889-4667<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

When most of us dream of retirement, we imagine ourselves in our homes – sharing a meal with family or just relaxing in a comfortable spot.<\/p>\n","protected":false},"author":1,"featured_media":280,"parent":10,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n