Sarah A. Colucci, York Region's Mortgage Expert. Savings Guaranteed.
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      • FIRST-TIME HOME BUYER TAX CREDIT
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Reverse-Mortgages, Explained.

Live Retirement The Way You Want.

THE CHIP REVERSE MORTGAGE 

In Canada, a reverse mortgage is a loan where the lender pays you. If you are at least 55 years or older and you don't currently have a mortgage, then this program can help with extra cash flow in your retirement years.

There are a few different options in Canada when it comes to a reverse mortgage. One of the most popular ones is The CHIP Reverse Mortgage that allows Canadian Homeowners who are aged 55 and up to access up to 55 percent of their home's value making it a tax-free income source without the requirement to move or sell property. The most exciting part about this loan is there aren't any monthly mortgage payments required. 

We also make the application process extremely convenient as we can complete everything online and over the phone. You will only be required to visit your lawyer's office (or meet with your lawyer through a virtual appointment) in order to complete the mortgage registration in land titles. 

In order to be eligible for The CHIP Reverse Mortgage, you must meet the following criteria: 
  1. You must be aged 55+
  2. Your home must be worth at least $200,000; and 
  3. The property mortgaged must be your primary residence. 

There are many benefits of The CHIP Reverse Mortgage but the main ones include: 
  1. Getting to stay in your home. 
  2. There aren't any monthly mortgage payments required. 
  3. Get tax-free payments. 
  4. Live retirement the way you want. 


If you have specific questions, please feel free to book a one-on-one consultation or call (647) 773-4849 for more information.

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GET IN TOUCH WITH US

Let's get started today.



Address

411 Queen St. 
Newmarket, ON
​L3Y 2G9

Sarah A. Colucci, Mortgage Agent Lic. M14000929
Sherwood Mortgage Group
Licence # 12176

Telephone

Direct: 647-773-4849
​
Email: scolucci@sherwoodmortgagegroup.com
Picture
  • Home
  • WHY USE SARAH FOR YOUR NEXT MORTGAGE
  • APPLY ONLINE
  • PRODUCTS
    • Free House Value Tracker Report
    • CASH-BACK MORTGAGE
    • BRIDGE FUNDS
    • REVERSE MORTGAGES
    • SELF-EMPLOYED MORTGAGES
    • FIRST-TIME HOME BUYER PRE-APPROVALS >
      • FIRST-TIME HOME BUYER TAX CREDIT
    • MORTGAGE REFINANCE >
      • Prepayment penalties
    • SPOUSAL BUYOUTS
    • INVESTMENT PROPERTIES AND RENTALS
    • BRUISED CREDIT
    • PRE-APPROVALS
    • NEWCOMERS
    • DEBT CONSOLIDATION
    • HOME EQUITY LINE OF CREDIT
    • PURCHASE PLUS IMPROVEMENT PROGRAM
    • WHY INVEST IN REAL ESTATE
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • DOWN PAYMENT
  • CONTACT ME
  • PRIME RATE CANADA
  • CLOSING COSTS
  • DOCUMENTS REQUIRED FOR MORTGAGE FINANCING
  • MORTGAGE DICTIONARY
  • MORTGAGE NEWS
  • GOVERNMENT MORTGAGE RULES
  • MORTGAGE TIPS
  • HOUSE HUNTING CHECKLIST
  • APPRAISALS
  • FIXED OR VARIABLE RATE?