You can have Financial Freedom with a CHIP or Reverse Mortgage:
- No payments as long as you live in your home, with no time limit
- Choose from monthly income, lump sum, or a combination
- You can continue to grow home equity
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A reverse mortgage is a popular solution for 55+ homeowners in BC and across Canada later in their careers or retired who need to free up cash flow. The vast majority of the time you will continue to grow equity. For example, if you own a $1M home and take a $250k CHIP, the loan will accrue at approximately 5.50% per year ($13,750). If the home goes up in value an average of 3% per year ($30,000) you have still built $16,250 in equity. CHIP stands for: "Canada Home Income Plan"
The potential disadvantage of a reverse mortgage is that if your interest grew faster than equity, you would theoretically lose equity. In the above example, if home price appreciation averaged under 1.35% per year, you would slowly lose equity. While this is quite unlikely over the life of the loan, it's possible. The average reverse mortgage length is 15 years. There has not been a time in recent history in Vancouver, BC where real estate has been flat or worse over a 15 year period.