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The-Mortgage-Gal

Income from home equity

When retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good fit for you, consider if you agree with the following statements:
 
  • Staying in my home is critical to the quality of my retirement lifestyle.
  • The idea of renting instead of owning a home bothers me.
  • My income consistently falls short of ongoing expenses.
  • I expect my retirement savings to run out within the next few years.
  • I am comfortable with using the value of my house to fund retirement.
     
If you answered mostly ‘yes’, take a look at a few more details about a reverse mortgage called the CHIP Home Income Plan from HomEquity Bank:

If you have reached age 55, you may be eligible for CHIP.  It lets you convert up to 50 per cent of the equity in your home into tax-free cash.
 
Unlike other loans on the market, there are no credit or income qualifications and you are not required to service the interest, or repay the principal until you choose to move or sell.
 
It is also guaranteed that you will never have to repay more than the fair market value of the house at the time of the sale.
 
When polled by the Brondesbury Group this year, 78 per cent of existing CHIP customers said they would recommend a reverse mortgage to others as a cash-flow solution. Financial advisors and mortgage brokers have details and more information is also available online at www.chip.ca.
 
If you have any questions regarding the CHIP program or would like to take out a CHIP mortgage please call us at (250) 862-1806 or email at [email protected].


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About the Author

Tracy Head and Laurie Baird help busy families find mortgage solutions. Together they have more than 45 years of experience in the mortgage industry.

With today’s increasingly complicated mortgage rules, Tracy and Laurie spend time getting to know the people they work with and help them to better understand the mortgage process. They support their clients before, during, and after their mortgage is in place.

Tracy and Laurie work closely with their clients, offering advice and options. With access to more than 40 different lenders, Tracy and Laurie are able to assist with residential, commercial, and reverse mortgages in order to match the needs of their clients with the right mortgage package.

They work closely with their clients to find the right fit, and are around to provide support for years down the road!

Contact them at 250-862-1806 or visit http://www.okanaganmortgages.com

Visit their blog at https://www.okanaganmortgages.com/blog

 



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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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