How Reverse Mortgages Have Changed
Reverse mortgages have come a long way. They've evolved from a needs-based product to a solution that many financial planners recommend as an important component of a comprehensive retirement plan.
Unfortunately, there are still plenty of misconceptions. Let's separate the myths from the facts.
Myth: The Bank Owns Your Home
Fact: You always maintain title ownership and control of your home. You have the freedom to decide when and if you'd like to move or sell.
Myth: You'll Owe More Than Your Home Is Worth
Fact: You can qualify for up to 55% of your home's appraised value — 33% on average. Because HomeEquity Bank uses conservative lending practices, you can be confident there will be equity left in your home when the loan is repaid.
In fact, over 99% of HomeEquity Bank's clients have equity remaining in the home when the loan is repaid.
Myth: A Reverse Mortgage Is a Last Resort
Fact: Many financial professionals recommend a reverse mortgage because it's a great way to provide financial flexibility. Since it's tax-free money, it allows your retirement savings to last longer.
Myth: You Can't Get One If You Already Have a Mortgage
Fact: Many of HomeEquity Bank's clients use a reverse mortgage to pay off their existing mortgage and other debts, freeing up cash flow to use as you wish.
How great would it feel to be free of regular mortgage payments?
What You Can Do Next
If you're curious whether a CHIP Reverse Mortgage makes sense for your situation, reach out. We'll walk through your options — no jargon, no pressure, just a clear picture of what's possible with the equity you've built.
Email [sayhello@hellomortgage.ca](mailto:sayhello@hellomortgage.ca) to start the conversation.
