NLIC.org

Gene Said:

Reverse Mortgage/chip mortgage what are the down falls? Could they take our home?

We Answered:

I am a Canadian Mortgage Broker and thier definately is some upsides and downsides to a Reverse Mortgage however in the past year Reverse Mortgage Interest Rates have come down. They can't take your home from you while you are living in it no.

A reverse mortgage secured by the equity in your home. Unlike a traditional mortgage in which you make regular payments to someone else, a reverse mortgage pays you.

The big advantage with CHIP is that you do not have to make any payments – principal or interest - for as long as you or your spouse live in your home. That's what has made reverse mortgages such a popular solution in Canada, the U.K., the U.S., Australia and other countries.

A CHIP Home Income Plan is designed exclusively for homeowners age 60 and older. This age qualification applies to both you and your spouse.

You can receive up to 40% of the value of your home. The specific amount is based on your age and that of your spouse, the location and type of home you have, and your home's current appraised value.

You can choose how you want to receive the money. CHIP gives you the option of receiving all the money you're eligible for in one lump sum advance, or you can take some now and more later, or you can receive planned advances over a set period of time. You can even combine a lump sum advance at the beginning with ongoing advances over time.


You receive the money tax-free. It is not added to your taxable income so it doesn't affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive.

Benjamin Said:

Will you write me in as POTUS if I promised to somehow stop this Wall Street bail out?

We Answered:

Sorry.

Try running on for Mayor of Chicago on the Mrs. O'Leary ticket.

"Sorry, I'm not spending all that overtime to put the fire out. Mrs. O'leary left the lantern in the barn, she ought to do it."