Reverse Mortgages
Unlock the equity in your home and enjoy greater financial flexibility in retirement.
Your home is one of your most valuable assets, and the equity you've built over the years can help support your financial goals in retirement. A reverse mortgage allows eligible Canadian homeowners aged 55 and older to access a portion of their home's equity without selling their property or making regular mortgage payments.
At Primex Mortgages, we help you explore your options and determine whether a reverse mortgage is the right fit for your lifestyle and long-term financial needs.
How Does a Reverse Mortgage Work?
A reverse mortgage allows you to convert a portion of your home's value into tax-free funds while continuing to own and live in your home. Unlike a traditional mortgage, regular principal and interest payments are not required.
The loan, along with accumulated interest, is typically repaid when you sell your home, move out permanently, or pass away, subject to the terms of your mortgage agreement.
The CHIP Reverse Mortgage
A flexible financial solution designed for Canadian homeowners aged 55 and older.
Offered by HomeEquity Bank, the CHIP Reverse Mortgage allows eligible homeowners to access up to 55% of their home's appraised value, depending on factors such as age, property value, and location.
CHIP provides an opportunity to access funds without having to sell your home or make regular mortgage payments.
Funds can be used for a variety of purposes, including:
Supplementing retirement income
Paying off existing debts
Financing home renovations or repairs
Covering healthcare or unexpected expenses
Helping family members financially
You continue to own your home and remain responsible for property taxes, insurance, maintenance, and meeting the terms of your mortgage agreement.
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Access Your Home Equity: Use the equity you've built to supplement retirement income, cover unexpected expenses, or support your lifestyle.
No Regular Mortgage Payments: Improve your monthly cash flow without required ongoing principal and interest payments.
Stay in Your Home: Continue living in the home you love while accessing its equity.
Flexible Access to Funds: Depending on your mortgage product, receive funds as a lump sum, scheduled advances, or a combination of both.
Tax-Free Funds: Access your home's equity without the proceeds being considered taxable income.
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While a reverse mortgage can provide valuable financial flexibility, it's important to understand the long-term implications. Interest accumulates over time, increasing your mortgage balance and reducing the equity remaining in your home.
Our experienced mortgage professionals can help you compare available products, understand the costs and eligibility requirements, and explore alternative financing solutions before making a decision.
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Government-issued photo ID
Proof of age (55+)
Current property tax assessment or bill
Recent mortgage statement (if applicable)
Home insurance information
Property ownership or title documents
Strata information (if applicable)
Details of outstanding debts secured against the property
Financial or income documents (if requested)
Property appraisal (arranged during the application process)
Independent legal advice (required before completion)
Additional documentation may be requested depending on your lender and individual circumstances.
Make the Most of Your Retirement
Explore how your home's equity could help support your financial goals and provide greater peace of mind in retirement.
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Mortgage Calculators
Take the guesswork out of your mortgage. Explore our easy-to-use calculators to estimate payments, understand your options, and plan your next move with confidence.
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Apply Now
Take the next step toward your homeownership goals. Start your mortgage application today with our simple, secure process and let our team guide you every step of the way.
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Meet Our Team
Get to know the experienced mortgage professionals behind our team, dedicated to providing personalized advice, trusted guidance, and exceptional service every step of the way.