• Mitch Speigel – Mortgage Agent
    Your Mortgage Group Professional
    Kora Management
    License #M08003984, FSCO #10315

  • New CHIP MAX solves a loan-to-value problem.

  • Make your own life's path.

    New Loan-To-Value

    The reverse mortgage loan-to-value of UP TO 55% has made a reverse mortgage untenable to many who wish one. In fact, rarely do we see anyone qualifying for 55%. Those in the younger age range of 55 to 65 years of age are more likely to be offered 25% to 35% percent loan-to-value. For example, if a house were valued at $200,000, seniors at the lower end of the age spectrum would be eligible to receive $50,000 to $70,000 as a reverse mortgage. The statistics show that household debt, including mortgage debt, of today’s seniors, is much higher than one would think.

    Enter CHIP MAX

    CHIP Max is a new reverse mortgage by Home Equity Bank which allows seniors, especially those in the lower age brackets to get up to 30% more loan-to-value than was previously possible, using a small increase in the interest rate.

    Why CHIP Max?

    CHIP Max was primarily designed to meet the needs of consumers who require a higher loan amount than the ‘standard’ CHIP Reverse Mortgage can provide while retaining the benefit of no payments required. With CHIP Max we now have the ability to offer a loan amount of up to 30% higher than that of a conventional CHIP Reverse Mortgage. Designed for consumers would otherwise need to explore alternative lenders, second mortgages or other high-interest debt to meet their retirement needs– at a higher APR.

    What is the ideal age for CHIP Max ?

    Although there is no official age limit on CHIP Max , it is a solution that is best suited for clients between 55-75.

    What are the differences between CHIP and CHIP Max?

    CHIP Max can offer qualified clients in eligible areas, up to 30% in incremental funds versus CHIP, at an interest rate that is 75 bps higher than our CHIP.

    For more information on the availability of a CHIP Max mortgage, please contact me.

    Some leftovers for dinner and we have a craving for Chinese-style sweet and sour. Here’s my best sauce recipe.

    Sweet and sour sauce















    Reverse mortgages explained.