Reverse Mortgage

Defining Reverse Mortgage

A reverse mortgage is an increasingly popular loan that allows you to get money from your home equity without having to sell your home, allowing you to remain comfortably within your own home. This is sometimes called “equity release”. You may be able to borrow up to a certain percentage of the current value of your home. The maximum amount you will be able to borrow will depend on your age, your home’s appraised value and your lender. You don’t need to make any payments on a reverse mortgage until the loan is due. This is usually when you move out of your home, sell it or the last borrower dies. In order to qualify for a reverse mortgage, homeowners must be 55 years of age or older and have some equity in their home.

Turn your home equity into peace of mind

As a Certified Reverse Mortgage Specialist, and as a specialized area of focus for Shane, he and his team are pleased to offer valued clients the highest level of expertise and experience in reverse mortgage financing on a range of properties, including dealing with high net worth clients in luxury properties. No matter your situation or lifestyle, Shane is fully licensed and qualified to assist you.

Partnered with HomeEquity Bank, the leading provider of reverse mortgages in Canada and a trusted lender for thousands of Canadians, Shane and his team are proud to offer the highest quality of reverse mortgage solutions, including the CHIP Reverse Mortgage. This unique product utilizes the equity in your home to give you tax-free access to funds for whatever your financial need, including funding retirement.

Reverse Mortgage

If you’re a Canadian homeowner age 55 or older, you may be able to access up to 55% of the value of your home tax-free and without monthly mortgage payments through the lifetime of your mortgage. Partnered with HomeEquity Bank, Shane and his team provide mature Canadians with solutions for converting their home equity into funds without having to make monthly payments. As a result, you get funds without any additional monthly payments and virtually little disruption to your life – just more money to use how and where you want while continuing to live in your own home.

Through the CHIP Reverse Mortgage, Shane and his team work to determine your home value and help you access up to 55% of that value in funds available in one lump sum or in planned advances – it’s your choice. While the funds received must be used to pay off any existing mortgage or home equity line of credit first, the remainder can be used however you please. Whether you’re interested in home improvements or repairs, covering regular expenses to maintain your current lifestyle, traveling, purchasing a beachfront home, or consolidating debt – you have freedom to choose.

  • All mortgage services are offered FREE from Shane and his team (O.A.C.).
  • Proudly partnered with HomeEquity Bank to deliver the range of CHIP products offered, such as the highly popular CHIP Reverse Mortgage.
  • Homeowners age 55 or older may be able to access up to 55% of the value of their home in tax-free funds with no mortgage payments for the lifetime of the mortgage – just 55% of the value with no additional monthly payments.
  • Shane and his team are Certified Reverse Mortgage Specialists and specialize in reverse mortgage solutions for clients throughout the GTA and Ontario.
  • You are not required to make any payments on a CHIP Plan until you choose to move or sell your home. You keep property taxes and insurance up to date and freely enjoy your quality of life on your terms, in your own home.
  • A mortgage pre-approval will outline the total mortgage amount you will are eligible to receive (pending final approval) and allow you hold current rates, which can result in savings if rates increase while you shop for your property.
  • Use the value in your home to retire with freedom on your own terms without sacrificing your quality of life or having to leave your home.

Ready to convert equity to funds?

There’s no better time to join thousands of Canadians who have made the CHIP Reverse Mortgage their mortgage of choice by contacting Shane now. As certified a reverse mortgage specialist, he can help you live the retirement of your dreams.

Shane can complete your application entirely online or over the phone, as well as in person. Shane offers a variety of options to connect with you and works around your schedule, allowing you to indicate the best time and method for him to contact you.

Benefits of a Reverse Mortgage

Stay in your Home

A CHIP Reverse Mortgage may be your best choice if you're looking to continue living in your home without the burden of a monthly mortgage or loan payment, giving you comfort and more money each month.

Live your Dreams

As more Canadians approach retirement, they look to the CHIP Reverse Mortgage program to get the funds they need to live the retirement they've always dreamt about, from soaking up the sun to exploring Europe.

Peace of Mind

Unlike home equity lines of credit (HELOCs), a CHIP Reverse Mortgage allows you to stay in your home without the worry of rising interest rates and possibility of defaulting on your loan, resulting in foreclosure.

You've worked hard for your equity, make it work for you

You worked hard throughout the years to pay for your home and now you deserve to enjoy the fruits of your labour on your terms. Use a reverse mortgage to turn home equity into funds that now work for you; from debt consolidation and investments to a beachfront property.

So often we hear stories of Canadians transitioning to retirement only to find their savings inadequate to sustain the lifestyle they dreamt about and deserve. The CHIP Reverse Mortgage allows them to sustain their lifestyle, stay in their home, and do the things they want to do; whether it’s becoming a snowbird by purchasing a property in the warmth or debt consolidation to minimize their monthly payments.

― Shane Osmond, Mortgage Professional

Reverse Mortgage Process

While Shane approaches each client’s situation and circumstance in the best-tailored manner to benefit them and their unique financial situation and goals, we’ve outlined the general path undertaken by most of our clients obtaining a reverse mortgage and are looking to make sure they receive the absolute best benefits and savings available to them. While this process may not represent your circumstance precisely, it is meant to be a general guide to understand the reverse mortgage process.

Step 1
Interest in Reverse Mortgage
You are age 55 years or older and interested in converting the equity in your home into funds, received through a lump sump payment or possible ongoing monthly payments. An option to consider may be the highly popular CHIP Reverse Mortgage. Shane and his team are reverse mortgage specialists so you contact him now to learn more.
Step 1
Step 2
Contact Shane Osmond
You've decided you're interested in a CHIP Reverse Mortgage so you've contacted Shane and his team, through one of the many contact methods on our contact page or by phone at (647) 641-2727, for a free mortgage consultation. Shane will then contact you through your method of your choice and a time most convenient to you.
Step 2
Step 3
FREE Mortgage Consultation
In person, by telephone, in person, or through a method of your choice, Shane conducts a free expert mortgage consultation with you to understand your home, your previous and current financial situation and goals, and if a CHIP Reverse Mortgage may be the best option for you by comparing numbers and exploring possible savings.
Step 3
Step 4
Application Reviewed & Submitted
While Shane's mortgage consultation is entirely free and without any obligation, you will likely be pleased with the options explored through the CHIP Reverse Mortgage program and wish to proceed with your application. Shane and his team will then retrieve the required documentation from you and process your application.
Step 4
Step 5
Approval & Mortgage Funds Provided
As you relax with a peace of mind that comes from using a trusted mortgage agent like Shane, he and his team work tirelessly behind-the-scenes to process your application and obtain your fast approval. Once completed, we immediately notify you and finish any final steps to get you your funding in an efficient and timely manner, stress-free.
Step 5

Frequently Asked Questions

Shane’s services are always free (O.A.C.). We work for you and don’t believe in hidden fees, false and misleading messages such as gimmicky advertising, or charging extravagant fees. All while providing the highest standard of excellence in client service. We are dedicated to open and honest advice and recommendations and will always do what is best for you and your current financial situation and future goals.

Even if you have any existing mortgage(s), you can use the CHIP Reverse Mortgage to pay off your that existing mortgage(s) and free up cash flow for the things that truly matter to you. Many of our clients use the CHIP Reverse Mortgage for debt consolidation, escaping high-interest rate credit card debt and climbing interest rates. They are also pleased to use their funds for properties enabling them to become snowbirds, escaping Canadian winters in favour of living part-time in warmer climates.

While you may have heard the claim “instant approval”, a truly comprehensive and reliable approval for a CHIP reverse mortgage does take a considerable amount of work from Shane and his team. While you need only to submit the application and documents as necessary, Shane and his team work hard behind the scenes to provide you with approval and funds as quickly as possible. With our level of expertise and experience, and as certified reverse home mortgage specialists, we are able to work fast and efficiently once we have gathered all the information and documentation that we may require and on normal operating business hours for HomeEquity Bank.

Home equity line of credits (often known as “HELOCs”) are good short-term borrowing options for people who can pay the interest and loan in the near future, but not as well suited as the CHIP Reverse Mortgage for those wishing to receive the equity from their home now without having to sacrifice their cash flow in the near future or before they sell their home. As well, HELOCs are callable loans and pose a significant risk of non-renewal and cancellation as lenders can change the terms with little or no notice. As well, lenders may charge an annual fee just to keep your HELOC open, even if you don’t withdraw any money. Finally, posing more risk, possible rising rates may increase your payments to a point they are no longer affordable. Home Equity Line of Credit will also require a more rigid and stricter approval process, whereas the CHIP Reverse Mortgage focuses more on age and home equity.

As with many conventional mortgages, there are fees that will need to be paid outside the control of your mortgage broker. These one-time fees associated with arranging a reverse mortgage include appraisal fees, a fee for independent legal advice, a HomeEquity administration fee, title insurance, and registration. With the exception of the appraisal fee, all fees are paid for with the funding dollars received through your mortgage meaning you require no upfront funds to cover these fees.

You (or your inheritor(s)) keep all remaining equity in your home when you sell your home or the last borrower passes away. In the many years of operation for HomeEquity, they report that nearly all (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. As reverse mortgage specialists, Shane and his team are happy to explain all of the details of how a CHIP Reverse Mortgage could allow you to live the retirement of your dreams and spend money on the things that truly matter to you and your family.

Absolutely not. While the CHIP Reverse Mortgage may be seen as a last resort for you, it is highly recommended by many professionals as their first recommendation to allow homeowners 55 and over to stay in their own home, eliminate their monthly mortgage payment, or supplement their income with tax-free funds.

The first step in obtaining a CHIP reverse mortgage, a popular mortgage option offered by HomeEquity Bank and recommended by CARP, is to submit an application (follow the “Apply” button anywhere on with Shane. Afterwards, you’ll be contacted to gather some additional information and briefly discuss your situation as we always strive to provide personally tailored mortgage solutions. Following this, you may be required to submit a few documents, simply used to confirm your financial situation. However, the mortgage financing process for you will generally quick and easy as Shane and his team go to work for you, working tirelessly for you behind-the-scenes, to secure your best rate and mortgage options that can save you money (and equity) now and throughout the lifetime of your mortgage.