Do you have buyers 55+ looking to downsize but they need to sell their house first? Not anymore!!!

Do you have buyers 55+ looking to downsize but they need to sell their house first? Not anymore!!!

Posted by Tara Kennedy on Saturday, September 26th, 2020 at 1:12pm.

CHIP Open Is A Mortgage Designed Specifically For Clients With Short-Term Financing Needs.


I am able to offer your buyers a CHIP Open – a flexible Mortgage solution. CHIP Open will provide Canadians 55+ with a short-term Mortgage giving them flexibility to repay 100% of the balance at any time, without prepayment penalties.

What is CHIP Open?
CHIP Open is a Mortgage designed specifically for clients with short-term financing needs, such as bridge financing, or completing a large renovation in preparation to sell, and it offers the ability to repay in full without penalty. CHIP Open allows your clients to access up to 55% of the equity in their home in tax-free funds, and they are never required to make a payment until they decide to repay the mortgage in full, move, or sell.

Who is eligible for CHIP Open?
Homeowners aged 55+ and have a home value over $300,000 may qualify for the CHIP Open Mortgage. We can also do 2 separate mortgages to get maximum equity out of the home they are buying as well as selling. Then when they sell their existing home, they can repay the Open mortgage without penalty & leave the other mortgage outstanding. No repayment of either principal or interest is required as long as they reside in the home, which leaves them with more cash to cover health care costs, travel or assisting children with down payment funds on their home purchase (an advance on their inheritance).

What is the difference between CHIP Open and CHIP?
CHIP Open has no prepayment penalties when repaid in full and is offered for a three-year term at a variable rate. The CHIP Open interest rate and closing costs are slightly higher than the standard CHIP Mortgage, in order to account for the greater flexibility this product offers, including the ability to convert to the CHIP Reverse Mortgage at any time.
Aside from Open mortgages, buyers can also opt for a lump sum Reverse Mortgage to pay off debt, buy a car etc. Another option is an Income Advantage Mortgage to supplement monthly pension income. If you have clients that fit the above scenarios please send them my way.
Thank you,
Shirley Froese
Mortgage Advisor
Centum Elite Mortgage Corp.

C: 780-940-4813
F: 780-464-7889

"Looking out for your Best Interest"

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