People in British Columbia who are sixty years old or older have a few different financing options when it come to receiving a mortgage, such as obtaining a Reverse Mortgage in BC. This type of mortgage is just for seniors who are sixty years old or older who either own a condo or a home. This type of mortgage is different from normal mortgages because it doesn’t involve a regular payment schedule. Instead, it allows people to make monthly payments on the interest and it also allows seniors to simply pay the mortgage back when the home is sold. There are many benefits to a reverse mortgage and this article will focus on three of them.
There is only one lender in Canada that offers Reverse Mortgage in BC, which is CIP Home Income Plan. CHIP has been providing reverse mortgages for over twenty years, which means that they know what they are doing and are very trustworthy. That being said, people shouldn’t worry about doing business with this lender because they are very trustworthy and have been providing these mortgages for people for a very long time. It’s important to trust lenders and CHIP is definitely a lender that can be trusted.
A second benefit to a Reverse Mortgage in BC is that this type of mortgage allows people to still own and control the home at all times. People who obtain this type of mortgage do not give ownership of the home to CHIP. Instead, the ownership of the home will stay with the owners which means that the owners and only the owners own and control the home. It is the exact same thing as traditional mortgages, so ownership of the home is nothing to worry about.
Arguably one of the most important benefits of a Reverse Mortgage in BC is that there is no risk of losing the home. Traditional mortgages do not offer this type of security as people can lose their home if payments are not being made. There is no chance of a default and the loan is guaranteed at all times with CHIP, which is a very important thing for anyone sixty years old or older to remember when considering if a reverse mortgage is a good idea. Hopefully this article has been beneficial to those in British Columbia who are sixty years old or older and are wondering about their home financing options.