REVERSE MORTGAGE

REVERSE MORTGAGE:

Reverse mortgages allow individuals with significant equity in their homes to use it as a source of income. Individuals receive either a lump sum or a series of payments and use their residence as collateral. The principle and interest is repaid from the estate upon death or sale of the home. Reverse Mortgages are currently available to residents of British Columbia and Ontario. The amount of equity ranges from 15% to 45%.

REVERSE MORTGAGE PROGRAMS:

C.H.I.P = Canadian Home Income Plan

H.E.P. = Home Equity Plan