Are you aged 55+ and having problems juggling the costs associated with home ownership as a retiree and maintaining your lifestyle? OR do your parents find themselves in this predicament?
Through the CHIP Home Income Plan, homeowners aged 55+ can access up to 55% of the value of their home, depending on their age, the type and location of the property.
The funds are tax-free and there are no restrictions on the use except if there is a mortgage on title it must be paid from the proceeds of the new mortgage. You have the option of taking a lump sum or receiving the funds over time. The mortgage becomes due only if the home is sold or you move out. When this happens, the remaining equity is paid to you or your estate.
You are still the registered owner of your home and remain responsible for property taxes, home insurance, all the regular household bills and home maintenance.
If you think this product may be ideal for you or some one you know, please call or e-mail me to learn more, adoria@mtgarc.ca or 647-201-0167.