Spoken Language: English
Business: Financial Services, Mortgages
Horizon Equity is a division of First Foundation Residential Mortgages, a fully licensed and approved Canadian Home Income Plan (CHIP) brokerage. Reverse Mortgages offered by Horizon Equity are funded by CHIP. Horizon Equity believes that retirement is a special time of life that should be enjoyed and not burdened with money worries.
Horizon Equity offers home owners over the age of 55 the ability to access the equity in their home by means of a Canadian Reverse Mortgage through the lender, the Canadian Home Income Plan. The withdrawn equity can be used for whatever you desire, whether it be to arrange a better cash flow for your retirement, make some updates to your property, go on a trip, help a loved one with school, or pay off debt.
Depending upon you and your spouse’s ages, and the location and type of your home, you can access up to 50% of your home’s value. This limit is set because CHIP wants to ensure that you still have equity left in your property if you decide to sell. Additionally, the amount to be repaid to CHIP will never exceed the fair market value of your home, so your estate is safe and you won’t need to come up with extra funds to repay your CHIP reverse mortgage.