Tax free income
There are financing options for homeowners over 55 years of age.
A CHIP (Reverse Mortgage) offered by HomeEquity Bank or a Manulife One Mortgage are specifically created for senior home owners.
Both products let you to take equity from your home tax free allowing you to let your other investments grow while maximizing your tax savings on your income
Use the equity take out for:
- Investment in another property as a vacation home or rental
- Monthly cash flow to cover living expenses
- Medical expenses, home renovations or large expenses
- Funds to help a family member
- Money for grandchildren to use for education or a down payment on their own home
There are some distinct differences between the two programs. Consult with your Certified Mortgage Advisor to review the best option for you. We encourage all family members who need to be involved to join us in the meeting to ensure all your questions are answered.