When most of us dream of retirement, we imagine ourselves in our homes – sharing a meal with family or just relaxing in a comfortable spot.
But retirement can also bring financial strain. Seniors often face the challenge of managing with less cash flow than they anticipated or coping with unforeseen expenses.
We understand. HomEquity bank is the only bank dedicated to empowering older Canadian homeowners with smart, simple ways to use the value of their home during retirement.
For over 25 years The Canadian Home Income Plan (CHIP) a reverse mortgage solution has helped thousands of older homeowners enjoy more financial flexibility without having to sell or move. CHIP might be the solution for you.
Features of a CHIP Reverse Mortgage
- Homeowners age 55 and older
- No payments are ever required
- No Income qualifications
- No Credit requirements
- Qualify for up to 50% of the value of the home
- Money can be received as a lump sum, or over time or combination
- Owner maintains title
- They can sell or move at anytime
- Receive the money tax free
SOURCE | CHIP Reverse Mortgage