Reverse Mortgage Specialist

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Reverse Mortgage Specialist

A reverse mortgage specialist will be able to discuss the features and benefits of reverse mortgage products most likely offered by HomEquity Bank.  Reverse mortgage products are sometimes promoted in banks and credit unions in Canada and in many cases they will refer you to a reverse mortgage specialist to see whether an individual qualifies for the product.  It is important to understand that in many cases a reverse mortgage specialist will not review other possible alternatives to a reverse mortgage product.  Individuals looking to obtain information on reverse mortgages should discuss the product and other available alternatives with other unbiased individuals.

The product itself and the concept of reverse mortgages does make sense for some individuals and it is important to note that every individual is different and has different circumstances.  TS Wealth is located in downtown Toronto and provides unbiased financial professional advice to individuals across the province of Ontario.

Reverse Mortgage Specialists and the CHIP Home Income Plan

The CHIP Home Income Plan in Canada is offered and administered by Homequity Bank and marketed as the CHIP Home Income Plan.  In most cases, the product is promoted to seniors and most specifically those 55 years of age and over.  CHIP Reverse mortgages in Canada can provide funds to those individuals looking to take existing equity out of one’s home that qualifies under the plan.  The CHIP Home Income Plan and HomEquity Bank are currently the industry leader in reverse mortgages in Canada.  While some competitors in the past offered similar products, the company now is the sole reverse mortgage provider in Canada. The CHIP reverse mortgage allows individuals who qualify and who are 55 years of age or older to access some of the equity in their home and use the funds for any purposes they desire including repairs, travel, income, and much more.  This type of reverse mortgage in Canada enables individuals to access up to 40% of the value of their home. With a regular mortgages, individuals are required to make monthly principal and interest payments.  The CHIP Mortgage is unlike a traditional mortgage and is a reverse mortgage.

A CHIP reverse mortgage does not require an individual to make interest or principal payments.  Individuals requiring additional information on the CHIP Home Income Plan can contact one of their reverse mortgage specialists.  Individuals can also discuss mortgage options with the advisors at TS Wealth.  As well, Guaranteedinvestments.com provides conservative risk adverse investors with access to a wide variety of income producing investments.

Reverse Mortgage Alternatives in Canada and Specialists

CHIP Reverse mortgage alternatives in Canada are available to some individuals 55 years of age or older.  Guaranteedinvestments.com and TS Wealth provides individuals with access to a wide variety of income producing investments vehicles.  TS Wealth provides individuals with a variety of mortgage solutions to individuals.  Advisors at Guaranteedinvestments.com and TS Wealth have over 35 years of investment, mortgage, tax and estate planning experience. TS Wealth is located in downtown Toronto and services clients throughout the province of Ontario. Investment specialists at TS Wealth provide secure investment solutions to individuals.

Once you have considered what your requirements are, then you can consider the various types of annuity investment options which are available in Canada. These include:

•Single Life Annuities

•Joint Life Annuities (for either or survivor of the spouses)

•Cashable Annuities (can be exchanged for cash in certain conditions)

•Term Certain Annuities (fixed monthly income till the age of 90 or another fixed term)

•Variable Annuities (varying rates of return with a minimum amount guaranteed as payable)

Reverse Mortgage Funding in Canada by HomEquity Bank

HomEquity Bank and the CHIP Home Income Plan are industry leaders in the Reverse Mortgage market in Canada.  HomEquity Bank allows for their mortgage clients to borrow the funds from the equity in their home at lower rates than historically being available as a result of the company now being able to finance the mortgages themselves.  HomEquity Bank is a Schedule 1 Canadian Bank.  The funding allows individuals who obtain reverse mortgages to stay in their homes for as long as they wish and are never forced to move out of their home or sell their home.  Reverse Mortgages in Canada have been around for decades and the CHIP Mortgage, now called the CHIP Home Income Plan is the most popular product on the market.  Although popular, it simply does not mean that it is suitable for individuals as there are many drawbacks to reverse mortgages.

Talk to a reverse mortgage specialist for additional information on the CHIP Home Income Plan.

CHIP Reverse Mortgages in Canada and the amounts received are based on a variety of factors including:

•             Your age

•             The location of your home

•             And the type of your home

CHIP Mortgages – Pros and Cons

Pros

•             Access to funds from the equity in one’s home

•             The funds are received on a tax free basis

•             Funds can be used for any purpose one wishes

•             Individuals are never forced to move or sell their homes (while alive)

Cons

•             Set up fees, legal fees and other fees are high and will probably range between $2000 and $3000

•             Home equity is diminished over time

•             Higher mortgages rates typically than standard mortgage rates

Things to consider with Reverse Mortgages in Canada

Prior to establishing and setting up a reverse mortgage, individuals should look at all of their other options including:

•             Reviewing all of their investment vehicles to see whether additional cash flow can be generated from one’s existing investments

•             Consider if possible setting up a less expensive line of credit or home equity line of credit

•             Consider discussing cash flow alternatives with family members including children and grandchildren

•             Review registered investment plans including RRSPs and RRIF ( Registered Retirement Savings Plans and Registered Retirement Income Funds)

In many cases reverse mortgage specialists will not review your investments and not review alternative methods to generate additional cash flow or funds.

For additional information or should you wish to discuss reverse mortgage plans, investment and income alternatives and/or mortgage alternatives please contact us or visit our website www.guaranteedinvestments.com and www.tswealth.ca

About Guaranteedinvestments.com

Guaranteedinvestments.com provides conservative risk adverse investors with access to a wide variety of secure investment products including GICs, annuities, guaranteed investment funds, guaranteed minimum withdrawal benefit plans, guaranteed lifetime withdrawal benefit plans and insured annuities.  Guaranteedinvestments.com is located on Bay Street in downtown Toronto and services clients across the province.  The professional advisors have over 35 years of combined experience and have helped invest and structure investment portfolios totalling in excess of $250,000,000.  The experienced financial professionals have credentials including Chartered Financial Analyst, Certified Financial Planner, Masters of Business of Administration, Canadian Investment Manager and many other professional and industry related credentials.