A reverse mortgage allows homeowners to borrow against their home’s equity while maintaining ownership and living in their home. A borrower can get up to 55% of the appraised value of their home in tax-free cash, but your actual amount is based on a few factors including your age (and the age of your spouse, if applicable), the value of your home, and the location and type of your home. Reverse mortgages require no monthly mortgage payments until the borrower moves, sells or no longer lives in the house.
The money received from the reverse mortgage can be accessed in one lump sum or in planned advances – it’s your choice! If you have an existing mortgage or home equity line of credit, the funds received must first be used to pay off the existing loans secured by your home. The remaining cash can be used for whatever you like – here are some example of how customers of the CHIP Program have used their money:
The CHIP Reverse Mortgage is structured around you. You can choose to receive your tax-free money over a longer period of time or all together. It’s up to you. If at any time you want to repay the principal and interest in full, or switch to paying interest on an annual or monthly basis, you can do that too.
Custom built for homeowners 55 and over, it enables you to access up to 55% of your home value in tax-free cash. It provides a lump sum of money to be used however you like – pay off debts or an unplanned expense or buy that vacation home you’ve always wanted. The choice is yours.
CHIP Max is designed to give our younger clients more immediate access to a higher percentage of their home equity. If you’re considering alternative lenders or a second mortgage, the CHIPMax Reverse Mortgage may offer you more value in the long run.
Provides a steady stream of income to boost your existing retirement income. It helps make planning easier by filling in gaps between your current income and expenses. You determine the amount and the frequency of your advances.
CHIPs newest product is made for homeowners 55+ searching for a short-term financing solution with the option to repay the full loan amount at any time without prepayment penalties. If your financial situation changes and you need a longer-term loan, the CHIP Open loan can be converted to the CHIP Reverse Mortgage.
If you’re under the age of 55 and you’re looking to access the equity of your home for home improvement, debt consolidation, health care or any other reason, we have an option for you!
At Ardent Mortgages, we work with over 50 lenders to provide various products and programs to best suit our client’s needs.
