What are the requirements to get a loan from CIBC?
Mortgage loan must have a principal of $100,000 or more, and be either a CIBC Fixed-Rate Closed Mortgage loan with a term of 3 years or more or a CIBC Variable Flex Mortgage loan. You must have a personal CIBC chequing account, and pre-authorized mortgage payments must come from a CIBC bank account.
How much can you borrow with a reverse mortgage in Canada?
This estimate is based on your location, age, gender, home type, and home value. In Canada, you can borrow up to 55% of your home’s value with a reverse mortgage. Your home will need to be appraised when applying for a reverse mortgage.
How do I calculate a lump sum for a reverse mortgage?
Our reverse mortgage calculator can help you estimate how much of a lump sum you’ll receive if you decide to borrow a reverse mortgage. Start by inputting the youngest co-borrower’s age, your estimated home value, outstanding mortgage balance (if applicable) and your ZIP code. You’ll also need to select the property type and how …
How do I determine the balance of a reverse mortgage?
Use the reverse mortgage calculator to help determine the balance of a reverse mortgage. This calculator is specifically designed to show you how the outstanding balance of a reverse mortgage can rapidly grow over a period of time.