If, just like thousands of Canadian citizens across the country, you have spent a life working your best to make an honest living and meeting your deadlines and making mortgage payments but eventually find yourself in a tough spot, the reverse mortgage pros are here for you. When you find yourself in need of some income but much of your assets and equity come from your home, you could get pretty confused about exactly what you should do. Nobody wants to give up their home after all and even more so if it’s the same home where you’ve spent your life growing up.
Many fond memories lay within those walls, but the reality of money is harsh and very much more real than memories. It could be where you raised your family but challenges exist and will come to face us when we’re least prepared for it at the worst of times. Thankfully, for those very same Canadian citizens who find themselves in this precarious environment, a solution exists just as much as the problem that required it and that is exactly what CHIP reverse mortgage payment steps in to bridge the gap and give you a breather you very much need.
As mentioned, a lot of our net worth might be stored in the value of our homes but we have no way to actually make any use of that value without selling it. With CHIP reverse mortgage, you can receive income while maintaining full control of your home. You won’t have to worry about making any more payments when you decide to participate in the program so long as you or your spouse live in the home in question and you can decide whether you want the sum up front or delivered to you over time.