Before you can get a reverse mortgage, you need to seek independent legal advice from a lawyer about all of your options and the reverse mortgage contract. While the CHIP Home Income Plan has a fair contract, this is a stipulation of the law that protects you from less scrupulous reverse mortgage companies.
Why do I Need a Lawyer?
CHIP needs you to seek independent legal advice and sign the CHIP Home Income Plan agreement in the presence of a lawyer. CHIP wants to ensure that you are entering into this agreement with your eyes wide open since reverse mortgages are usually for significant sums of money.
What Kind of Lawyer do I Look For?
A lawyer specializing in Real Estate is the best choice for an independent assessment of your reverse mortgage. Some may already be familiar with the contract and they’ll walk you through it with an independent eye. Of course, if you have any questions at any time, Horizon Equity is also here for you.
How Much Will it Cost?
Lawyer’s fees vary based on a number of factors including location. It is hard to give an estimate of exactly what those fees will be. Most will give you an up-front estimate for the work if you contact their offices. If you haven’t hired a lawyer for real estate transactions before, keep in mind that the more time they spend the more money it will cost you. Therefore it is important to organize all of your paperwork before you go to see themrate.
Your local telephone book is actually a better resource for lawyers than any online directory, excepting 411.ca which is just an online version of your phone book. Some online lawyer directories only contain lawyers from certain firms, so you may be missing out on a great local real estate lawyer if you use them.
What Should I Bring With Me?
The consultation with the lawyer is similar to the appointment that you would have had with a lawyer when you purchased your home, but with a lot less hassle. At the point that you are at the lawyer, you will have your CHIP Home Income contract in hand, and you will go over it with the lawyer and sign it with them. Your lawyer will then pass the contract on to CHIP, and your funds will be released.
Getting a lawyer involved with the process is the best way to avoid potential issues with your reverse mortgage and ensure that you completely understand the terms and are satisfied with them before you sign off on it.