The CHIP Home Income Plan is a home equity loan available exclusively to Canadian homeowners 55 or older.
With the CHIP Home Income Plan, you can take up to 50% of the value in your home as tax-free cash. But, unlike a traditional loan, you never have to make a payment until you choose to move or sell – although you can make payments if you so choose.
The CHIP Home Income Plan has other advantages over traditional loans. For example, there are no income qualifications and once you receive the loan, it can never be recalled.
You can take your money as a single lump sum payment, as regular monthly payments or both – whatever works for you. And you can use the money anyway you see fit; pay outstanding debts, fix up your home or cover monthly expenses.
A CHIP Home Income Plan is often called a Reverse Mortgage. It’s called a Reverse Mortgage because unlike a traditional mortgage in which you make regular payments to a lender, the CHIP Home Income Plan pays you!
The fact that you do not have to make any payments – principal or interest – for as long as you or your spouse live in your home has made Reverse Mortgages very popular with Canadian homeowners 55 or over. It’s a unique loan that actually maximizes your cash flow. No wonder that it is recommended by banks, mortgage brokers and financial advisors across Canada.
The amount of money you can receive is based on your age, your spouse’s age, the location and type of home you have, and your home’s current appraised value.
Contact The Mortgage Centre Today to find out more info!