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Reverse Mortgage

If you are 55 years or over there is a good chance your home has increased in value over the years and you could be eligible for a reverse mortgage.

chip reverse mortgage

What is a reverse mortgage?

A reverse mortgage is for homeowners age 55 years or older, you could receive up to 55% of your home equity as a reverse mortgage. The income is tax free and there are no monthly mortgage payments unless you want to make one.

With a reverse mortgage you can pay your bills, upgrade your home, and have cash flow to spend on anything you want. You can take the money all at once or as you need it and you will only pay interest on the amount you have used.

You will always maintain ownership of your home and you will never be forced to more or sell. Repayment of the loan is only required when you move or sell your home.

How do Reverse Mortgage work?

To find out how much you are you are entitled to call a Sunlite Mortgage Reverse Mortgage agent and we will verify your information and answer any questions you may have.

Once approved you could receive your money in a Lump sum or multiple installment payments.

Got questions? Here are frequently asked questions.

A CHIP Reverse Mortgage is secured by the equity in your home. Unlike a traditional mortgage in which you make regular payments to someone else, a reverse mortgage pays you. The big advantage with the CHIP Reverse Mortgage is that you do not have to make any regular mortgage payments for as long as you or your spouse lives in your home. That’s what has made reverse mortgages such a popular solution in Canada, the U.K., the U.S., Australia and other countries.

The CHIP Reverse Mortgage is designed exclusively for homeowners age 55 and older. This age qualification applies to both you and your spouse.

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 location and type of home you have, and your home’s current appraised value. You can contact me and I can quickly give you an estimate of how much you may be approved for.

You can choose how you want to receive the money. The CHIP Reverse Mortgage gives you the option of receiving all the money you’re eligible for in one lump sum advance, or you can take some now and more later, or you can receive planned advances over a set period of time. Planned advances are available on the Income Advantage product.

The homeowner keeps all the equity remaining in the home. In our many 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.

No. The homeowner retains title and maintains ownership of the home. It’s required for the homeowner to live in the home, pay taxes on time, have property insurance, and maintain the property in good condition.

Many of our clients use a reverse mortgage to pay off their existing mortgage and debts.

No. Many financial professionals recommend a reverse mortgage to supplement monthly income instead of selling and downsizing, or taking out a conventional mortgage or a line of credit.

There are one time fees to arrange a reverse mortgage such as an appraisal fee, fee for independent legal advice as well as our fee for administration, title insurance, and registration. With the exception of the appraisal fee, these fees are paid for with the funding dollars.

There are no monthly payments required as long as the homeowner is living in the home.



Contact your Sunlite Mortgage Agent if you have questions or if you’d like to see how much you qualify for!

Mortgage Qualifier Calculator

The first steps in buying a house are ensuring you can afford to pay at least 5% of the purchase price of the home as a down payment and determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the payment schedule button to see a complete amortization schedule of your mortgage payments.

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