Northwoodmortgage Reverse Mortgages
Homeowners can access up to 40% of the current appraised value of their home based on the homeowner’s age and that of their spouse, and on the location and type of home. Funds are not taxed as income.
Funds can be received in a lump sum or over time. Most clients take a lump sum.
Any outstanding loans secured by the home must be retired with the CHIP Home Income Plan funds. Call 416-450-7653 today.
No regular payments are required.
The full amount only becomes due when the home is sold, or if both homeowners move out.
Clients have the option to repay the principal and interest in full at any time. Upon repayment, an interest rate differential may apply (maximum of three months’ interest).
A prepayment amount will apply on repayments within the first three years. This may be waived or reduced in the event of death or a move into a long-term care facility or retirement residence.
Available to homeowners 60 and older on their principal residence.
Location and type of home must qualify.
No medical, income or credit qualifications.