Refinance + Switches
Refinance
Canadians today face many reasons to refinance their mortgage.
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For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better discount, or you may want to stabilize your payments by changing from a variable rate mortgage to a fixed-rate.
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A mortgage refinance is also a good option to pull out equity for consolidating debt, home improvements, investments, college expenses, and more.
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When refinancing, there are a couple options that can be chosen; refinance and have cash in hand with an interest charge on the funds immediately or refinance your mortgage and obtain a Home Equity Line of Credit (HELOC) which does not require repayment till the funds are used. Leaving you with a revolving line of credit that is secured by the equity in your home.
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Click below to see the Step-By-Step Refinance Process Chart
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Switch
Canadians today face many reasons to switch their mortgage lender.
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For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better rate, causing a lower mortgage payment.
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Switching lenders is also a good option to increase your payment amount, having the mortgage to be paid off sooner then expected with a lower interest rate.
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Click below to see the Step-By-Step Switch Process Chart
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CHIP
When most of us dream of retirement, we imagine ourselves in our homes – sharing a meal with family or just relaxing in a comfortable spot.
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But retirement can also bring financial strain. Seniors often face the challenge of managing with less cash flow than they anticipated or coping with unforeseen expenses.
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We understand. HomeEquity bank is the only bank dedicated to empowering older Canadian homeowners with smart, simple ways to use the value of their home during retirement.
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For over 25 years The Canadian Home Income Plan (CHIP) our reverse mortgage solution has helped thousands of older homeowners enjoy more financial flexibility without having to sell or move. CHIP might be the solution for you.
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Steve Ranson,
President and CEO HomeEquity Bank
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Features of a CHIP Reverse Mortgage
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Homeowners age 55 and older
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No payments are ever required
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No Income qualifications
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No Credit requirements
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Qualify for up to 50% of the value of the home
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Money can be received as a lump sum, or over time or combination
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Owner maintains title
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They can sell or move at anytime
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Receive the money tax free
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