Mortgages for Seniors
Are you looking for mortgages for seniors that do not require a credit check or debt and income requirements? You’ve come to the right place. Here at Halton Team Mortgages we offer two different mortgage solutions for seniors, the CHIP Reverse Mortgage and Income Advantage. These two options are available for homeowners in Canada, who also happen to be senior citizens, who are protected by Law.
CHIP Reverse Mortgage in Milton – Canadian Home Income Plan (CHIP)
CHIP Reverse Mortgages has been around for over two and a half decades. Halton Team Mortgages offers the CHIP Reverse Mortgages as a valuable financial solution to homeowners in Brampton, Georgetown, Halton Hills, Milton and Oakville.
Benefits of a CHIP Reverse Mortgage in Milton
If you own a home, this mortgage solution can enable you to access and use some of your home’s current value, up to 55%. This is a very popular mortgage solution among seniors. Not only does it allow them to borrow on their home value, but they also will not be required to sell at any point. This essentially means they will maintain the ownership of their home.
Why It’s The Best Mortgage Solution for Seniors on a Fixed Income?
When you think about mortgages for seniors, this mortgage type is the ideal due the the affordability factor alone. Seniors are usually on a fixed income, whether semi-retired or retired and usually in receipt of Old Age Security (OAS), Canada Pension (CPP), or Guaranteed Income Supplement (GIS). With CHIP Mortgages, payment are not required and borrowers can receive either a one-time lump sum or monthly tax-free dividends.
If you’re hoping to gain access to additional funds, have an extra source of income, maintain your already existing investments, or you want to decrease your long-term tax liability, than an Income Advantage secured loan will grant you the ability to succeed. You can secure this loan against your home’s value, and get the cash in your hand. You don’t have to worry about being asked to sell your home or move because your home will be protected.
Benefits of an Income Advantage Secured Loan
Similar to CHIP Reverse Mortgages, Income Advantage is also a tax-free loan. Have money at your disposal when you need it. Use this money to invest more in your future, and generate income, minimize your debts or to make the most out of your retirement.
When you’re on a fixed income, having access to additional money never hurts. So, no matter what the financial reasons involved in your need, either of these options allow you to borrow, while keeping your hope safe, and plan to build for a better tomorrow.
Halton Team Mortgage can answer all of your questions and evaluate your needs to determine which of these two options best suits you. Contact us for answers or for more information.
When your finances matter, we’ll be there for you!