Reverse Mortgages– Gain access up to 55% equity in your home today tax free to enjoy your lifestyle !

This E-Book helps you understand what a CHIP Reverse Mortgage is and how you can use the equity in your home for anything you want to do.

WOULD IT BE NICE IF YOU HAD THE MONEY TO DO THE THINGS YOU WANT TO DO EVERY DAY?

The CHIP Reverse Mortgage could be what you need. It’s a sensible and straightforward way to unlock the value in your home and turn it into cash to enjoy life on your terms.

OUR TRUSTED LENDER PARTNERS

How much can you get?

You can receive up to 55%* of the value of your home tax-free.

 

You receive the money from the reverse mortgage tax-free. It is not added to your taxable income, so it doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive.

 What is a reverse mortgage, and how does it work?

It is a loan secured against the value of your home, but unlike a traditional Home Equity Line of Credit (HELOC) or a second mortgage, you are not required to make monthly mortgage payments for as long as you keep living in your home. You always maintain ownership and control of your home.

Here are some examples of how clients commonly use it:

  • eliminate debt payments
  • help a child or grandchild with a down payment on a home
  • purchase a new home (right-sizing instead of having to downsize the home)
  • increase cash flow to improve lifestyle (e.g., vacation, new car)
  • pay healthcare costs
  • pay for an unexpected expense (e.g. home repairs)
Reverse Mortgage - Citadel Mortgages

The first program is the CHIP Reverse Mortgage, which is a lump sum program:

Up to 55% for a CHIP Reverse Mortgage (dependent upon age, location

and type of home).

  • Minimum $25,000 for lump-sum initial advance.
  • Minimum $5,000 for each subsequent advance.

The second program is the Income Advantage Program, which is a monthly payment program for you:

Up to 55% (dependent upon age, location, and type of home); 75% of which

is available in the first year.

  • Planned advances from $500/month or $1,500/quarter.
  • Minimum $5,000 for each subsequent advance
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To learn more about how these great programs can help you, contact us today. Have apply now button under this text and link to application page

Reverse Mortgage - Citadel Mortgages

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  1. In order to receive upto 1,000 Miles you must be a registered and provide a valid AIR MILES Collector Number to the Citadel Mortgage agent at the time of application; your mortgage must close and fund with Citadel Morttgages. Miles will be credited to your Collector Account within 30 days after all conditions have been met.

2. All rewards are offered subject to the Terms and Conditions of the AIR MILES Reward Program, are subject to change and may be withdrawn without notice. To redeem for Travel and/or Merchandise Rewards, you must have accumulated sufficient AIR MILES Reward Miles in your Dream Balance. Some restrictions may apply. Quantities may be limited. Collectors must pay applicable surcharges, fees and taxes on air, hotel and car rental Rewards. Travel Rewards may be subject to a minimum advance booking and availability from participating Suppliers. Merchandise Rewards include all taxes, shipping and handling costs. No cancellations, exchange or refunds for tickets, certificates or merchandise once booked or ordered. Manufacturers’ warranties apply to merchandise Rewards. LoyaltyOne, Co. makes no representations or warranties, express or implied. For complete details, see current Program Terms and Conditions, available at airmiles.ca or the AIR MILES Customer Care Centre at 1-888 AIR MILES (or in Toronto call 416-226-5171).

3. Use Miles in the Cash balance of your AIR MILES Collector Account in-store in increments of 95 Cash Miles for $10 towards purchases at participating AIR MILES Partner locations and online at airmiles.ca/cash in increments of 95 Cash Miles for every $10 value from participating Reward Partners to a maximum of $750 per day. eVouchers can be used at participating Reward Partners’ locations in Canada only. See specific eVoucher reward page for details and any restrictions. Visit airmiles.ca/cash to learn more. You must have accumulated sufficient Cash Miles in your Collector Account in order to use Miles towards in-store purchases and eVouchers. All Rewards offered are subject to the Terms and Conditions of the AIR MILES Reward Program, are subject to change and may be withdrawn without notice. For complete details, visit airmiles.ca.

4. A short haul flight is a return flight with origin and destination within the same flight zone having a departure date during low season of January 8 – February 28; April 1 – May 31; September 16 – December 15.

5. Flight examples shown are for illustrative purposes only. Examples represent the number of AIR MILES Reward Miles required during low season of January 8 – February 28; April 1 – May 31; September 16 – December 15. The required number of Miles is determined by the departure date. Miles required are the “starting from” rates for round-trip travel in economy class per traveller.

6. Mortgage applications are subject to meeting Citadel Mortgages and our lenders usual credit criteria.

7. All mortgages must close and fund with Citadel Mortgages, this offer is vaiild with any new or renewal mortgage and offer can change at any time without notice.

8. AIR MILES® Bonus Miles are suject to a closed mortgage that fund with Citadel Mortgages. The AIR MILES® Bonus Miles will be added to the account 30 days after mortgage closes,.

Please note all terms and conditions can change at anytime.

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Visit airmiles.ca/WhereCanIFly to help you calculate the number of Miles you need to fly to your selected location.

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