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CHIP Reverse Mortgage: Resources to Help You Make the Right Decision

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Reverse Mortgage

However, amid the economic uncertainty, banks are re-evaluating their HELOC policies, and considering amendments to their line of credit programs. In order to understand the reasons behind these revisions, let’s take a closer look at how things stand today. As early as mid-April 2020, one bank has already changed some rules for borrowers around using HELOCs as down payments on investment properties, while another bank has stopped accepting new HELOC applications temporarily.

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However, amid the economic uncertainty, banks are re-evaluating their HELOC policies, and considering amendments to their line of credit programs. In order to understand the reasons behind these revisions, let’s take a closer look at how things stand today. As early as mid-April 2020, one bank has already changed some rules for borrowers around using HELOCs as down payments on investment properties, while another bank has stopped accepting new HELOC applications temporarily.

Continue Reading..

A recent report in the Financial Post suggested that applying for a HELOC may become much more difficult after the current crisis. Many people experiencing financial difficulty are currently getting by thanks to government crisis stimulus and mortgage/loan deferrals. If those stop before everyone is back at work, many people could start considering HELOC options to stay afloat.

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Debt Consolidation

If you have seen the Hollywood movie “Confessions of a Shopaholic”, the process of debt consolidation will make a lot of sense to you. When you are in deep with credit card debt, paying the minimum monthly amount due only lets you scrape through from one installment to another.

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How it Works?

How Reverse Mortgages Work

If you're like many other 55+ Canadians, much of what you own fits into two categories - the equity in your home ...

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Reverse Mortgage Videos

Reverse Mortgage Videos

Watch these videos from HomeEquity Bank and learn more about CHIP Reverse Mortgage

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