Seniors today are living longer, saving less, spending more and carry more debt. Unlocking their home equity is likely the most viable solution for a significant number of these people. Exclusively for Canadian Homeowners 55+ 

The CHIP Home Income Plan is a home equity loan (reverse mortgage) available exclusively to Canadian homeowners 55 years or older. With the CHIP Home Income Plan, individuals can take up to 50% of the value of their home as tax-­‐free cash, and unlike a traditional loan, they never have to make a payment until they choose to move or sell. Homeowners can use the funds as they see fit; pay outstanding debts, fix-­‐up their homes or cover monthly expenses. CHIP’s unique loans help clients maximize their cash flow, with rates you might not expect. 
Advantages 
Funds can be advanced as a single lump sum, regular payments, or a mix of both 
No payments (principal or interest) are necessary for as long as your client or their spouse live in their home 
No need for traditional income qualification • 
The amount of funds available vary by client and/or spouse’s age, location and dwelling type, at its appraised value 
Loans cannot be recalled once placed Help you position yourself as the debt expert for every member of the family
Written by Mary Lepone-Flor
For more information click here

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