CHIP Reverse Mortgage
Are you over 55 and in need of money to pay for debts, expenses, home renovations, travel, or unforeseen circumstances — without having to sell your home? CHIP is a loan that’s secured against the value of your home, enabling you to convert up to 55% of the home’s value into tax-free cash. This is an ideal way to stay in your home for longer and set yourself up for a stress-free, financially stable retirement.
You can use CHIP to finance, refinance, or buy a new primary residence. As long as you live in the home, you won’t have to make any principal or interest payments. You only need to repay the loan when you move out. Income verification and credit score aren’t needed to quality. Best of all, you still own the title to your home. Talk to the Collin Bruce Mortgage Team about how you can make a CHIP reverse mortgage work for you!