Discover The Real Disadvantages Of A Reverse Mortgage In Canada - The Inside Secrets On CHIP & Other Options

Get all the real advantages & disadvantages of reverse mortgages to see if they're right for you.

This is a MUST read before you decide on a reverse mortgage in Canada...


Discover the most important secrets, the hidden costs & fees, dangers & drawbacks - you won't find this anywhere else.


This free guide will show you the truth.

Click Here To Get Your Free Guide
The Ultimate Reverse Mortgage Guide

Discover The Real Advantages & Disadvantages Of A Reverse Mortgage In Canada - The Inside Secrets On CHIP & Other Options

Get all the real advantages & disadvantages of reverse mortgages to see if they're right for you.

This is a MUST read before you decide on a reverse mortgage in Canada...


Discover the most important secrets, the hidden costs & fees, dangers & drawbacks - you won't find this anywhere else.


This free guide will show you the truth.

The Ultimate Reverse Mortgage Guide

Written By A Chartered Accountant - Who Won Several Mortgage Awards For This Free Guide - Award Winning Information & Advice You Can Trust

Click Here To Get Your Free Guide Right Now 

Here's What Other Canadians Have Said After Discovering The Real Advantages & Disadvantages Of A Reverse Mortgage In This This Ground Breaking Guide:

“After hours of research I found the info I really needed in your free guide in minutes. Well done & my thanks for that.”

Erich
Toronto, Ontario


"The information you are sending is outstanding.”

Mike
Vancouver, BC


"I have downloaded the booklet which was very informative. Definitely helps a lot. Thank you very much.”

Glen and Sherry
Calgary, AB


This Free Guide Has Helped Over 20,350 Canadians Discover The Advantages & Disadvantages Of A Reverse Mortgage - And Finally See If It Is Right For Them...

You can join them in getting the key advantages and disadvantages, hidden costs & fees and all the information you need to know right now - simply click the button below to get your copy.

About The Author

Mich Sneddon, CPA, CA


"I'm a Chartered Accountant and Mortgage Agent with Dominion Lending Centres Edge Financial.

I was named one of the top Mortgage Professionals in Canada thanks to all the people I have helped with my free reverse mortgage guide.

There is a lot of bad and incorrect information out there about reverse mortgages - that's why I created my free guide to clear up everything you need to know & give you the real disadvantages.

With this, you can get independent, impartial and professional advice as to how a reverse mortgage works and if it's right for you."

About The Author

"I'm a Chartered Accountant and Mortgage Agent with Dominion Lending Centres Edge Financial.

I was named one of the top Mortgage Professionals in Canada thanks to all the people I have helped with my free reverse mortgage guide.

There is a lot of bad and incorrect information out there about reverse mortgages - that's why I created my free guide to clear up everything you need to know & give you the real disadvantages.

With this, you can get independent, impartial and professional advice as to how a reverse mortgage works and if it's right for you."

Mich Sneddon, CPA, CA

Discover The Truth And The REAL Advantages & Disadvantages Of A Reverse Mortgage In Canada

There is so much poor information out there about reverse mortgages and their advantages and disadvantages...

This free guide will give you the real pros and cons.

In addition to this, you'll discover:

  • All the hidden costs & fees
  • How a reverse mortgage compares to a Home Equity Line Of Credit (HELOC)
  • Key facts that you won't find anywhere else
  • And much more...

Discover The Truth And The REAL Advantages & Disadvantages Of A Reverse Mortgage In Canada

There is so much poor information out there about reverse mortgages and their advantages and disadvantages...

This free guide will give you the real pros and cons.

In addition to this, you'll discover:

  • All the hidden costs & fees
  • How a reverse mortgage compares to a Home Equity Line Of Credit (HELOC)
  • All the key facts that you won't find anywhere else
  • And much more...

As Featured In:

FREQUENTLY ASKED QUESTIONS

Common Questions About Reverse Mortgage Disadvantages And This Free Guide

What exactly is a reverse mortgage?

A reverse mortgage is a specialist home loan only available to people in Canada over the age of 55. It is called this because - unlike other mortgages - it doesn't require regular monthly payments.

You must be over 55 years old to qualify for one and the maximum amount you can borrow is 55% of the value of your home - usually they are offered for around 10% to 55% of your home's value.


Interest is charged but added to the amount owed, instead of being paid every month. 


How do I take out a reverse mortgage?

At present, the "Big 5" Canadian banks - RBC, BMO, CIBC, Scotiabank and TD do not offer a reverse mortgage.


There are several lending options available though - depending on where you live - including Home Equity Bank (the 'CHIP' reverse mortgage - see below), Equitable Bank and Bloom.

Manulife and Fraction also have products that can work in a similar way to a reverse mortgage - please contact me if you are interested in learning more about this.


How much does your service cost?

Just so you have it in black and white: my guide, my free 90 second reverse mortgage assessment and all the advice and recommendations I provide you regarding a reverse mortgage are completely free - you will never pay me a penny (ever) for any of my reverse mortgage advice.  


What is CHIP?

CHIP stands for the Canadian Home Income Plan (CHIP) - this refers to the reverse mortgage offered by Home Equity Bank - one of several lenders offering a reverse mortgage in Canada.

It is what they previously called this before they changed it to 'CHIP reverse mortgage'. 


How much money can I get?

There are 3 key factors in deciding how much you qualify for under a reverse mortgage: (1) the location of your home, (2) your age and (3) the property type. You may qualify for as much as 55% of your home value but the range is usually somewhere between 10% to 55%.


If you're interested, I'll give you a free assessment, tell you how much you can get and advise you as to the best options for you simply
click here to fill out my free assessment form.  


What if I already have a mortgage?

You can still take this out if you have a mortgage on your property. It would be the exact same process that you'd go through in taking your mortgage to another lender - they will simply replace your existing mortgage loan. You'd then get to keep any excess money available.

A reverse mortgage simply allows you to move away from having to make monthly mortgage payments while still gaining access to the equity in your home.  


What are the interest rates?

Interest rates are actually set on a case by case basis - they'll depend on your home value, age, how much you're looking to borrow & term.

I keep the latest rates up to date on my reverse mortgages rates and penalties page.


What are the pitfalls?

To make sure you have all the facts and answers - things like what happens when a borrower dies, understanding that the reverse mortgage is a loan, the comparison to a regular mortgage (etc) you should click the button below to download my free guide which answers this in detail.


Who are you?

I am a certified Chartered Accountant and licensed Mortgage Agent with Dominion Lending Centres Edge Financial - License #10710.


As a mortgage professional, my job is to offer you independent, objective and professional advice on all of your financial needs.

I don't work for any bank or lender - I work for you - the consumer. I personally created this website - Reverse Mortgage Pros - so that it could a hub and provide all the information and advice that anyone would ever need. 


What paperwork is needed?

With reverse mortgages it is much easier to get a loan than is the case with any other kind of home equity loan. But we are still talking about lending large amounts of money, so this does not make it a walk in the park.

On top of this, there are factors to ensure that you are eligible for a reverse mortgage, including that you must be at least 55 years old, as well as an assessment of the value of your home, whether you are going to make monthly mortgage payments, and more. For more on the requirements, please get in touch with me.


What about the alternatives?

Since I am an independent mortgage professional - I don't work for any of the lenders - I want to make sure that you see all of the options out there, and see what the reverse mortgage allows you to do.

I've outlined alternative options that I'll walk you through in my free guide.


How will I receive the free guide?

The free guide is a PDF file (opens with Adobe or any PDF or eBook reader). I will email it to you immediately. I will also continue to send you other free tips, tricks and advice to help you make your decision with regards to a reverse mortgage - you can unsubscribe any time if the free guide is more than enough for your needs.