Have you ever said to yourself, "Wouldn't it
be nice if I had the money to do more of the things I want to do?" Now
you can get the money you want with a CHIP Home Income Plan. It's a simple
and sensible way to unlock the value in your home and turn it into cash to
help you enjoy life on your terms. Let us
introduce you to CHIP:
A CHIP Home Income Plan is a loan secured
by the equity in your home.
A CHIP Home Income Plan is designed
exclusively for homeowners age 60 and older. This age qualification
applies to both you and your spouse.
You can receive from $20,000 to $500,000
from your home equity. The
specific amount is 10% to 40% of the current appraised
value of your home, based on your age and that of your spouse, and the
location and type of home you have.
You receive the money tax-free. It
is not added to your taxable income so it doesn't affect Old Age Security
(OAS) or Guaranteed Income Supplement (GIS) government benefits you may
receive.
You can use the money any way you wish.
Maybe you want to build up your savings and have extra income to cover your
expenses. Perhaps you want to update your home or help your family without
depleting your current savings. Or you have debts and monthly payments you'd
like to get rid of. The only condition is that any outstanding loans secured
by your home must be retired with the proceeds from your CHIP Home Income
Plan.
No payments are required while you or your
spouse live in your home. The full amount only becomes due when
your home is sold, or if you move out.
You maintain ownership and control of your
home. You will never be asked to move or sell to repay your CHIP
Home Income Plan. All that's required is that you maintain your property and
stay up-to-date with property taxes, fire insurance and condominium or
maintenance fees while you live there.
You keep all the equity remaining in your
home. In our many years of experience, 99 out of a 100
homeowners have money left over when their CHIP Home Income Plan is repaid.
And on average, the amount left over is 50% of the value of the home when it
is sold.
Your estate is well protected. We
guarantee that the amount to be repaid will never exceed the fair market
value of your home at the time it is sold. If your heirs want to keep your
home, they can repay the CHIP Home Income Plan from other funds.
You can save on taxes. If you
decide to use the money you receive to buy non-registered investments such
as GICs and mutual funds, you may be able to deduct the CHIP Home Income
Plan interest charges from the income those investments earn. Be sure to
consult a financial or tax advisor.
You can choose your interest rate term.
Your interest rate will be based on the length of term you choose - six
months, one year, or three years.
|
CHIP Reverse Home Mortgages