 CHIP Home Income Plan
Relief for Seniors Hurt by Economic Conditions…
Many Canadian seniors now find themselves caught in a financial squeeze. On one hand, the cost of living, (including gas and food) has gone up. On the other hand, their earnings from investments have gone down.
As a result, many seniors find themselves without the money they need to pay off their debts, make important home improvements and, in many cases, just meet day-to-day expenses. If that’s your situation, don’t worry. There is a solution and you’re living in it!
Your Home Could Be Your Financial Freedom
That’s right; your home could be the key to your financial freedom.
You see, if you’re like most Canadian seniors, your home is worth more today than when you bought it…a LOT more! And, thanks to an innovative program called the CHIP Home Income Plan, you can use the money built-up in your home…without having to sell your home.
The CHIP Home Income Plan, or CHIP, is what is commonly called a reverse mortgage. Hugely popular in Great Britain, the United States and Australia, reverse mortgages are catching on in Canada. Already, many Canadian seniors have used the CHIP Home Income Plan to tap into the money in their home while still living in and enjoying their homes.
Make No Payments Until You Choose to Move or Sell
With a traditional home equity line of credit, you may be asked to repay your loan if your income or credit position changes. A reverse mortgage is unique in that it allows you to borrow against the value of your home and not make payments or repay the loan until you choose to move or sell. This makes reverse mortgages very appealing to seniors on fixed incomes.
The benefits of CHIP Home Income Plan are impressive:
- You can access the money built-up in your home without selling it.
- You are not required to make payments on the loan, until you decide to move or sell. However, you can make payments on the loan if you choose to do so.
- You always keep complete and total control of your home at all times.
- You can borrow up to 40% of the value of your home. Most seniors’ access about $100,000, but you can access more – depending on the value of your home and your age.
- The money you receive is tax-free
- You can take the money in a lump sum or convenient monthly amounts.
On Average Over 50% of Equity Remains
Some seniors are reluctant to consider a reverse mortgage because of concerns there will not be any value left in the home after the loan is paid off. Fortunately, that fear is unfounded. The average CHIP client has over 50% equity left in their home after the loan is paid in full. CHIP also guarantees that the amount to be repaid will never exceed the fair market value of your home at the time it is sold. For these reasons, a reverse mortgage is a great long-term solution.
Obviously, the advantages of a CHIP Home Income Plan are significant. However, it’s important to remember that you must be 60 years or over to qualify. And, if both you and your spouse own the home, you must both be 60 or over.
Help in Tough Times
These are tough times for seniors – especially seniors living on a fixed income. The cost of living is going up and earnings from investments are going down, and that hurts.
However, if you are 60 years old or over and you own your own home, the solution to your money worries could be a CHIP Home Income Plan. Especially considering there are no medical, income or credit qualifications and you do not have to service or repay the debt until you decide to move or sell your home. After years of working to pay for your home, maybe it’s time to let your home pay you??
Find Out More…
The link attached will take you to the CHIP Home Income Plan application form. Find out today if financial pressures can be relieved with this valuable program designed to assist homeowners aged 60 and over!
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