Then it might be time to consider refinancing your home mortgage with Horizon Equity reverse home mortgage plan.
1. First you can request an estimate or meet with a Horizon Equity mortgage specialist to ensure you are eligible for a reverse mortgage.
2. Next, you will meet with Horizon Equity to discuss your situation, and get any questions you may have answered. If you are interested in moving forward, Horizon Equity will process your application with our lender, CHIP (Canadian Home Income Plan) and they will contact you to have your home appraised.
3. After CHIP has received your home’s appraisal they will contact you to let you know how much you qualify to withdraw from your home’s equity. They may request another meeting to discuss any other items that need to be addressed before you seek independent legal advice. Your CHIP contract will then be forwarded to your lawyer, where you will sign it and send it back to CHIP.
4. After the closing documents are signed, CHIP will send your lawyer in trust a cheque for the amount of your reverse mortgage loan. Alternatively, you can receive your funds over time instead of in one lump sum.
Q. Do I have to take a medical exams before I apply for a loan?
A. No, there are no medical, income or credit qualifications involved with application.
Q. What are some costs associated with a home equity loan?
A. The out-of-pocket costs include home appraisal fees and legal fees, which can range between $175 – $400 and $300 – $600 respectively. Closing and administration fees, which are deducted from your CHIP funds, vary between $1795 – $2495.
Q. Will the funds I receive be taxed?
A. No, the funds you receive are tax-exempt.
Q. Once I repay my loan, will there be any equity left in my home?
A. Yes. 99% of the time clients will have equity remaining in their home after the loan has been paid back. This is due to our affiliated lender’s conservative lending practices as well as the natural process of homes appreciating over time. On average, clients find that they still have 55% of the equity in their home upon repayment of their home equity loan.