Barrie, Collingwood, Orillia Reverse Mortgages Made Easy!
We will help answer all your questions and show you how a Reverse Mortgage might be the exact financial solution you need.
We serve these local areas: Barrie, Midhurst, Collingwood, Innisfil, Angus, Camp Bordon, Alliston, Tottenham, Creemore, Thornbury, Stayner, Wasaga Beach, Elmvale, Orillia, Cookstown & surrounding areas.
Sign-up for a Free, no-hassle estimate to see how much tax-free money you are able to recieve!
The CHIP- Home Equity Reverse Mortgage for people in Barrie, Orillia, Collingwood and surrounding areas that are 55 and over
There's no retirement like home - let us show you how!
Find out how much money you are able to receive with a free, no-hassle estimate. You are not obligated in any way.
We will contact you to verify your information and answer any questions that you may have. We will make sure you fully understand all aspects of a Reverse Mortgage and what it entails.
Receive Your Money
Once everything has been approved you receive the money you need in one lump sum or in multiple installments.
Your Payment Obligations
There are no monthly mortgage payments. The full amount becomes due when you are no longer in the home.
We work with both of Canada's leading Reverse Mortgage Companies offering you the best choice possible.
Most people are unaware that there are 2 main reverse mortgage providers in Canada... Equitable Bank and Homequity Bank. Both have slight differences from the other and I can work with both to offer you the most flexible outcome to suit your needs.
Speed matters. Which is why I can determine if your approved quickly.
Transparency for all
We’re big fans of the phrase, “what you see is what you get.” No hidden fees, no hidden meanings.
Built on Trust
I offer products and services designed to put my clients first. Always.
CHIP - Home Equity Reverse Mortgage Quick-Facts and Features
Tax Free Money
The money you receive does not constitute a part of your taxable income, meaning that your Old Age Security (OAS) and Guaranteed Income Supplement (GIS) is not affected.
Maintain Ownership of Your Home
Contrary to popular belief, you will not lose your home with a Canadian reverse mortgage. You'll never be asked to move or sell to repay your CHIP Reverse Mortgage. The requirement is to maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.
Use The Money Anyway You Wish
A reverse mortgage can help you enjoy your retirement or cover unexpected expenses. Pay for medical bills, upgrade your home, help family and loved ones, travel and pay monthly expenses without depleting your current savings. The only condition is that any outstanding loans secured by your home must be paid out with the proceeds from your CHIP Reverse Mortgage.
Keep All Remaining Home Equity
In many years of experience, 99 out of 100 homeowners have money left over when their CHIP Reverse Mortgage is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.
To qualify you must be a Canadian home owner, 55 years of age or older. The age qualification applies to both you and your spouse. Get up to 55% the value of your home; No credit, no health check and no income needed. Your home must be your primary residence.
No Repayment While Living In your Home
Regular mortgage payments are not required while you or your spouse are living in the home. The full amount only becomes due when you and your spouse no longer live in the home.
Barrie, Orillia, Collingwood Reverse Mortgage Questions?
What if the homeowner has an existing mortgage?
Many of our clients use a reverse mortgage to pay off their existing mortgage and debts, freeing up cash flow for other things.
What makes a Reverse Mortgage different from HELOC's (Home Equity Lines of Credit)?
HELOCs are a good short-term borrowing option for people who can pay the interest and loan in the near future. However, HELOCs are callable loans and there exists significant risk of non-renewal or cancellation.
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 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 – many of these are common with a conventional mortgage. With the exception of the appraisal fee, these fees are paid for with the funding dollars.
Should a Reverse Mortgage be considered as a loan of last resort?
No. Many financial professionals recommend a reverse mortgage to customers who would prefer to age at home, who want to reduce their monthly mortgage servicing costs, and want to supplement their monthly income with tax free funds.
How old do you have to be to qualify for a Reverse Mortgage?
Both you and your spouse need to be 55 years of age or older to qualify.
Your Reverse Mortgage Specialist and Elder Planning Counselor in the Barrie, Collingwood, Orillia and surrounding areas
Vince Savoia - MSM, EPC
Trusted Reverse Mortgage Specialist and Elder Planning Counselor
Serving people across the Barrie, Midhurst, Collingwood, Innisfil, Angus, Camp Bordon, Alliston, Tottenham, Creemore, Thornbury, Stayner, Wasaga Beach, Elmvale, Orillia, and Cookstown areas of Ontario.
Hello, I'm Vince Savoia and I am your trusted mortgage agent, reverse mortgage and elder planning counselor located in Collingwood, Ontario.
With 21 years of financial planning experience, I bring a unique perspective to my mortgage practice. With a strong understanding of risk management, estate, investment, tax, and retirement planning, I work with your trusted accountant, financial advisor, and realtor to assist you to develop a mortgage program that suits your financial needs and compliments your financial plan.
I hold the nationally recognized designation of EPC, Elder Planning Counselor. I achieved this designation by successfully completing an intense and rigorous test of knowledge regarding current seniors issues and demonstrating proficiency in all relevant programs about seniors issues, including ageing, health issues, financial planning considerations, long term care as well as end-of-life issues. The Elder Planning Counselor educational program has been designed by Canadians for Canadian Professionals.
There's no time like the present
Go Ahead. Get the Reverse Mortgage You Deserve.
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Working with Vince was great. I had been injured on duty and was collecting WSIB at the time my mortgage came up for renewal Vince understood my situation and was able to find a mortgage that suite...
Clients of mine had an offer on their dream home. They were unable to obtain financig from their current lender. I called Vince at 6 pm on a Friday evening and he went to work on it right away. Not...
I had a very good experience with Vince. He was able to offer me several options for my mortgage and explain them thoroughly. Prompt and efficient. I would highly recommend him if you're in the mar...
I also want to thank you for your thorough work on this transaction, and providing the bulk of required information before anyone else – very much appreciated, and much more thorough that I am ac...
Vince has always been honest and up front in providing the best service and financial products and advise for me and my family in the past. I would not hesitate to recommend Vince for future needs ...