Helpful Info on the Reverse Mortgage Application Process
Have you come across info on reverse mortgages and realized that you’re eligible to receive one? Maybe you’re looking to prepare yourself a little more for what the application and loan process will be like.
The following 5 steps will help you get on your way to unlocking your funds through a CHIP Home Income Plan and help you begin to live the way you want to live.
5 Steps for Applying to Unlock the Value in Your Home
We want our clients to understand the process as much as possible before beginning. We know you desire to proceed with a sense of confidence and we seek to provide you with that confidence through preparing you as much as possible with reverse mortgage information.
- Beginning by contacting us for a free consultation . if you haven’t done so already, ensures that you’re on the right track.
- Proceed by arranging a meeting with a CHIP Home Income Planrepresentative where you will review your personal estimate and have any and all of your questions answered. You are free to bring family or even your financial advisor to this meeting if it will help you feel confident about your final decision. If you decide to move forward, together you and the representative will complete your application for an appraisal.
- Once the appraisal is accepted, the exact amount of money you’ll be able to receive will be determined and you’ll be contacted by a CHIP representative with this information. You can also arrange a second meeting at this time if need be.
- We ask that you seek legal advice before committing to the loan as well. The independent legal advisor you pick is completely your choice. However, if you don’t have a legal advisor, we can help direct you to one near you.
- The final stage of the loan process is your favourite – you receive the money in the form of tax-free funds that do not interfere with government benefits! From there, you can do what you like with your money and not pay a cent back until your home is sold.
- If you invest the money that was taken out from the reverse mortgage. the government of Canada allows you to deduct the interest paid on the loan and your RM loan becomes tax deductible!
Discover more information on reverse mortgages now.
We wish you all the best in your process, and if you are in need any more info on your reverse mortgage process, or if you are ready to proceed, contact us today.