Vancouver Seniors: CHIP Home Income Plan – Reverse Mortgage

January 3, 2013

CHIP Home Income Plan reversed mortgageThere are many articles on the trend for senior tapping into their home equity for extract money locked inside their home. In Vancouver and the suburbs around the City, CHIP Home Income Plan may be consider a suitable avenue for seniors to free up money from equity they have on their homes. HIGHLIGHTS of the CHIP Home Income Plan – Reverse Mortgage

  • A CHIP Home Income Plan is a reverse mortgage secured by the equity in your home. A reverse mortgage pays, and you can decide how much and how often you want to receive the money. The big advantage with CHIP is that you do not have to make any payments of principal or interest for as long as you or your spouse live in your home.
  • In Canada, A CHIP Home Income Plan is designed exclusively for homeowners age 55 and older. This age qualification applies to both you and your spouse.
  • You can receive up to 50% of the value of your home. An appraisal is required to determine your home value.
  • You can choose how you want to receive the money. You have the option of receiving all the money you’re eligible in one lump sum advance, or you can take some now and more later. Or, you can choose to receive planned advances over a set period of time. You can combine a lump sum advance at the beginning with ongoing advances over time.
  • You can use the money any way you wish. The full amount of the loan and interest is paid or becomes due when your home is sold, or if you move out. You will never be asked to move or sell to repay your CHIP Home Income Plan.
  • You maintain ownership and control of your home. You are required to 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 an inflationary environment, your home value increases over time. In majority of the cases, homeowners have money left over when their CHIP Home Income Plan is repaid.
  • Your estate is well protected. If your heirs want to keep your home, they can repay the CHIP Home Income Plan from other funds.

If you would like to know more about the CHIP Home Income Plan – Reverse Mortgage, give me (Elsie Tse) a call at 604-716-3369 or Email Me 

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