My Reverse Mortgage Process
Decide how much of your home equity you would like to access without scrutiny of your income, credit, or health.
Contact me to find out how much you qualify for. I will personally walk you through the entire process from start to finish.
Receive the money you need in one lump sum or multiple instalments. Spend the money however you like!
The full amount only becomes due when you and your spouse pass away, when your home is sold, or if you decide to move.
Hi, I’m Marci. Thanks for visiting my reverse mortgage website, I look forward to getting to know you better! It’s my pleasure to introduce myself. I’m a mortgage broker with Mortgage Architects based in Vancouver. Thanks to 20+ years of professional experience in banking, mortgages, real estate, and finance, I have earned a reputation for being an exceptional leader, savvy business woman, and an award winning networker. Integrity is at the core of everything I do, resulting in happy and loyal clients.
As a certified reverse mortgage specialist, I understand the ins and outs of a reverse mortgage and how this very specific mortgage product can improve your life. A reverse mortgage is a great option for homeowners 55 years and older who may not otherwise qualify for a traditional mortgage, but who wish to free up some of the money in their home. My goal is to present you with options! These options will allow you to remain in your home for as long as you want, while still giving you access to your hard-earned equity.
Frequently Asked Questions
How does a CHIP Reverse Mortgage work?
A CHIP Reverse Mortgage is secured by the equity in your home. Unlike a traditional mortgage in which you make regular payments to someone else, a reverse mortgage pays you.
The big advantage with the CHIP Reverse Mortgage is that you do not have to make any regular mortgage payments for as long as you or your spouse lives in your home. That’s what has made reverse mortgages such a popular solution in Canada, the U.K., the U.S., Australia and other countries.
How do I receive the money?
You can choose how you want to receive the money. The CHIP Reverse Mortgage gives you the option of receiving all the money you’re eligible for in one lump sum advance, or you can take some now and more later, or you can receive planned advances over a set period of time. Planned advances are available on the Income Advantage product.
Will the bank own the home?
No. The homeowner retains title and maintains ownership of the home. It’s required for the homeowner to live in the home, pay taxes on time, have property insurance, and maintain the property in good condition.
Should reverse mortgages only be considered as a loan of last resort?
No. Many financial professionals recommend a reverse mortgage to supplement monthly income instead of selling and downsizing, or taking out a conventional mortgage or a line of credit.
Who is it for?
The CHIP Reverse Mortgage is designed exclusively for homeowners age 55 and older. This age qualification applies to both you and your spouse.
How much can I get and how is it calculated?
You can receive up to 55% of the value of your home. The specific amount is based on your age and that of your spouse, the location and type of home you have, and your home’s current appraised value. You can contact me and I can quickly give you an estimate of how much you may be approved for.
Will the homeowner owe more than the house is worth?
The homeowner keeps all the equity remaining in the home. In our many years of experience, over 99% of homeowners have money left over when their loan is repaid. The equity remaining depends on the amount borrowed, the value of the home, and the amount of time that’s passed since the reverse mortgage was taken out.
What if the homeowner has an existing mortgage?
Many of our clients use a reverse mortgage to pay off their existing mortgage and debts.
What fees are associated with a reverse mortgage?
There are one time fees to arrange a reverse mortgage such as an appraisal fee, fee for independent legal advice as well as our fee for administration, title insurance, and registration. With the exception of the appraisal fee, these fees are paid for with the funding dollars.
Nothing Beats A Conversation
If you’ve got questions about your unique financial situation, please contact me anytime!
CLIENTS LIKE YOU
Who received the right mortgage for them.
Thank you so much for everything! Wish and I both have said, so many times to each other, how lucky we were to have you throughout this process. We have been so impressed by your knowledge and professionalism and truly feel you go above and beyond in every way. We would not hesitate to recommend you to our friends and family.
It has been such a pleasure working with you Marci! Can’t thank you enough.
Kari & Wish
As an independent mortgage professional, I will take a look at your financial situation and offer more than just a single product. Although a reverse mortgage might be the best solution, it shouldn’t be your only choice. When you work with me, you will be able to pick the mortgage product that best suits your needs.
As your life can change at any time, I can offer you a wide range of mortgage products.
You can expect an excellent customer service experience when you work with me.
As an expert in the field I will listen and address all your questions and concerns.
I commit to working on your behalf to find you the best mortgage for your needs.