CHIP Home Income Program?
Thank you to Anna Roberts, of Mortgage Architects for writing the following information, regarding the CHIP Home Income Program. I have linked her contact email directly below for you. If you have any questions, please contact Anna or myself directly.
Chip Home Income Plan
A Chip Home Income Plan is a way to turn up to 50% of the value that is locked up in your home into tax-free cash you can use today.
Simply put, it is a loan secured by your home. The big difference with the CHIP Home Income Plan is that you do not have to make any payments- interest or principal – for as long as you or your spouse live in your house.
You maintain ownership and control of your home while enjoying all the benefits of having converted some of you homes value into cash. For all these reasons, A CHIP Home Income Plan is a sound financial solutions for many people.
1. Chip is designed exclusively for homeowners 55 and older.
This age qualification applies to both you and your spouse.
2. You can receive up to 50% of your homes current appraised value based on your age and that of your spouse, and the location and type of home.
First, we give you an estimate of what you could receive. Then we confirm the exact amount after you have authorized us to proceed with an independent appraisal of your home.
3. You choose how you want to receive the money.
Most people take all the money that we make available to them in one lump sum. However, you can take what you would like now and contact us later to take more, arrange for regularly scheduled advances, or choose a combination of these options.
4. You receive the money tax-free. Because this is a loan based on your principal residence, the money you receive is not added to your taxable income. That means it doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive.
5. No payments are required while you or your spouse live in your home.
This can make a big difference to the level of cash flow you enjoy. It’s also what makes a CHIP Home Income Plan unique and so attractive to so many people.
If you borrow money any other way, you have to make monthly payments. With CHIP, no payments are required until you choose to move or sell. The interest is simply added to the outstanding balance and is compounded semi-annually. The full amount only becomes due when you home is sold or if you move.
For more information please contact:
Anna Roberts
“Always a pleasure to assist you with your mortgage request.”
Thank You
Anna Roberts,
Broker Lic# 10287 Mortgage Agent
4040 Steeles Avenue West, Unit # 36 , Vaughan, ON, L4L 4Y5C 416.931.1261 F 416.747.9659 E anna.roberts@mtgarc.ca W http://www.mtgarc.ca/ |
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