Tanya Appel talks with Bob Dubask, a business development manager at HomEquity Bank with 5 decades of experience. Bob talks about CHIP reverse mortgages, and how they can help senior citizens deal with unexpected costs.
What is a reverse mortgage?
- A loan secured against your home with zero payments.
- No traditional qualifying you simply have to be able to pay property taxes and fire insurance.
- 5 year interest rate as of today is at 4.99%, variable rate is prime + 2.25 at 4.95%.
Frequently asked questions
- Do you lose your title of ownership? No, the title stays with the homeowner the whole time.
- Are these mortgages the same as the ones in the US? No, we they are regulated the same as any Canadian Bank.
- Do I lose my equity? No, 99% of cases keep over half their equity.
Who is this for?
- Seniors over the age of 55.
- Both spouses need to be 55+.
- Seniors looking to upgrade their home.
- Someone in need of additional funds.
- CHIP Reverse Mortgage: Helps pay debt or cover unexpected costs.
- Income Advantage: For homeowners 55+ who have little to no debt, and are looking for more cash flow.
- Appraisal fee (flat $300).
- Independent legal advice.
- Home equity fee ($0-$1495).
How does this help realtors?
- Encourages seniors to renovate their homes.
- Helps seniors move.
- The realtor gets a listing and sale.
How do I get one of these products?
- Call your realtor. They will get in touch with a mortgage broker who will book a no obligation meeting with HomEquity Bank.