Do you need help with securing money safely for your retirement? Are you wondering if a reverse mortgage is the right choice for you?
Here you will find information and basic facts about HomeEquity Bank's CHIP reverse mortgage product.
• Finance, refinance, purchase (owner occupied principal residence).
• Help seniors who want to remain in their homes.
• Cover life expenses (debt, renovations/improvement, travel, help children/grandchildren).
• Pay for in-home care or medical expenses.
• Lump-sum (single advance of all available funds).
• Subsequent advance (partial initial advance and open for future advances).
Up to 55% for a CHIP Reverse Mortgage (dependent upon age, location and type of home).
• Minimum $25,000 for lump-sum initial advance.
• Minimum $5,000 for each subsequent advance.
None.
No regular monthly payment is required.
No prepayment charge applies:
• On regular interest payments of a fixed amount by automatic withdrawal
• On a single prepayment up to 10% of the outstanding principal and interest made within 30 days following each anniversary date
• After 5 years, on payments made within 30 days following reset date
None required (up to 55% LTV for approved CHIP amount).
• Valid and adequate fire insurance.
• Property tax statement (current year or deferred property tax statement).
• Two pieces of valid identification.
• Power of Attorney and Power of Attorney Identification (if applicable).
• Statements for any secured debt.
Not in a traditional sense, but refinancing available with fees waived.
Required (approximately $175 - $400 for most properties).
Required approximately $300 - $600.
Additional legal costs may apply if additional legal work is required (eg. title issues).
Must be up-to-date (can be paid out of the mortgage proceeds).