CHIP Reverse Mortgages
Wouldn’t it be nice if you had access to money so you could do more of the things that are important to you? What if you could use the equity in your home to do just that? Do you want to travel, or pay down debt that has been weighing on your mind? Maybe help your children, or Grandchildren? A CHIP Reverse Mortgage could help you unlock the value in your home and allow you to enjoy life on your terms, in your home, without the stress of making monthly payments.
The Benefits of a CHIP Reverse Mortgage
You receive the money tax-free
You can use the money for whatever you like, there are no restrictions on what you use it for
There are no regular mortgage payments required while you or your spouse live in your home.
You always maintain ownership and control of your home.
You keep all the equity remaining in your home.
CHIP Reverse Mortgages FAQs
Who can get a CHIP Reverse Mortgage?
A CHIP Reverse Mortgage is designed exclusively for homeowners age 55 and older. This age qualification applies to both you and your spouse.
How much of your home’s value can you receive?
You can receive up to 55% of the value of your home. The specific amount is based on your age and that of your spouse, the type of dwelling and the appraised value of your home.
Does the bank own your home?
No. The homeowner retains title and maintains ownership of the home. You as the homeowner are expected to live in the home, pay taxes on time, have property insurance, and maintain the property in good condition.
Will the homeowner owe more than the house is worth?
As long as the homeowner meets their obligations, HomeEquity Bank guarantees that the amount they will have to pay on your due date will not exceed the fair market value of the home. The homeowner keeps all the equity remaining in the home. In over 30 years of experience over 99% of homeowners have money left over when their loan is repaid. The equity remaining depends on the amount borrowed, the value of the home, and the amount of time that’s passed since the reverse mortgage was taken out.
What fees are associated with a reverse mortgage?
There are one time set up fees to arrange a CHIP reverse mortgage. These fees include an appraisal fee, fee for independent legal advice, an administration fee, Title insurance, and Registration. With the exception of the appraisal fee, these costs are deducted from the advance of the mortgage so you’re not out of pocket for these initial expenses up front.
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