According to the 2016 Census, seniors now outnumber children for the first time in Canadian history. With an estimated 5.9 million Canadian seniors, the population is not only growing older but the pace of change is accelerating. This is all very positive news, but for some entering their ‘golden years’ may be a challenge. IF you or someone you love are a homeowner, 55 years old or over and experiencing financial uncertainty, you can access up to 55% of the equity in your home. Some, but not all, of the reasons for doing so, may be to:
- Check off some of the items on your bucket list
- Provide an early inheritance
- Consolidate debt
- Maintain the lifestyle you are accustomed to
The CHIP program may be your best financing option. Here’s some additional information:
- Over age 55
- Own your home
- Must be your primary residence, not a rental
- No health check required
- No payments, no restrictions. You maintain ownership and control of your home*
- When you decide to move or sell, the proceeds of the home will repay your loan. The equity left over after repayment is yours.
* As long as you keep your property well-maintained and pay your property taxes and property insurance.