Canada Reverse Mortgage FAQ's

Here are some things to consider if you are eligible (60 years or older) to obtain a Canadian Reverse Mortgage:

• You only get to borrow a percentage of your house's value to a maximum limit of 40%. And you only get 40% if you are 'older' ... in your 70's or more. Most other seniors are eligible to borrow up to 30% only.
  
• This means that your house value can still rise and you still have a large portion of your home 'untouched'. Your house may continue to grow as houses continue to do over time so that in the distant future your house will have allot of equity remaining.
  The house title always remains in your name. You always remain on title.
  
• CHIP guarantees that your mortgage loan balance will never exceed your home market value as far as repayment of the mortgage is concerned. This exists 'even if' house values 'never ever' rise over time.
  
• No one makes you move or sell your house. You live there (or your surviving spouse does) as long as you wish. No monthly repayments are required. Ever.
  
• If you sell your house and buy another one there is an option to transfer part or all of your Canada reverse mortgage over to the next home. If the new home is the same value or more then you just move the entire balance over to the new home. If it is less, then you use part of the sale proceeds to 'pay down' your reverse mortgage balance and transfer the rest to the new home. It is really that simple.
  
• You can get pre-approved for a maximum loan amount and only take the minimum of $20,000! But, with only a phone call you can access the rest of your pre-set loan amount any time you wish. For some it might be once a year ... each year, for ten years or more. You only pay interest on the money you actually take.

Gregory Stanley CFP AMP (both a Certified Financial Planner and an Accredited Mortgage Professional) is an expert mortgage broker in Canada who tours the Country giving educational seminars (www.pro-seminars.com) to audiences completely comprised of Financial Advisors and he teaches them on how to use a mortgage broker to 'unlock' the home equity in homes to create additional cash flow for clients. Here are a few things that the audiences truly appreciate:

• If you currently owe a mortgage a Canada Reverse mortgage can pay it off. And you can continue to live, stay and enjoy your home and not be bothered to make any more monthly mortgage repayments. Think of the standard of living that is improved. You have more net income to live on because you have less bills to pay monthly.
  
• If you are on a fixed income and could use some extra cash or income the proceeds from a Canada Reverse Mortgage can do that!
  
• By unlocking some value from your house you can pay off other higher interest rate debts or debts that 'drain' cash flow i.e.. a car loan. Pay off all your bills at once. Again, no monthly repayments to worry about.
  
• You can make a payment if you wish to do so! Each year end, right after holidays, many seniors will pay down 'something' on their mortgage. They aren't obligated to ... but many do so anyway. This way your loan balance is kept at a minimum. More equity to pass on.
  You can quit your reverse mortgage Canada loan anytime you wish. There is no charge to do so if you have owned your CHIP mortgage for 3 or more years.
  
• The longer that you own a CHIP reverse mortgage the 'interest rate' goes lower and lower. CHIP does this to help reward longer term clients and to make the CHIP reverse mortgage very attractive and affordable.
  
• The senior is always in control of the mortgage. Can choose to stay or leave. Can choose to enjoy maximum access or not bother to access all the available cash to him. The senior is always in control and always on their terms.
  
• It is a major way to fund home nursing care and other medical expenses in Canada.
  
• If you fill in the reply form then you will be able to obtain expert advice. You can speak directly to Greg Stanley by calling him now. He is friendly to speak to and would love to make sure that you are making the best decision for you.

Call Greg Stanley at 1 866 658-0492.

Here to Help You Make the Right Decision with a Reverse Mortgage Canada Loan

Making the Decision - History of Reverse Mortgages - How to use the Money