CHIP Home Equity

Happy New Year!

Did you know?
That the first Baby Boomer to turn 60 occurred on January 1, 2006
For the next 10 years 1763 Canadians turn 60 everyday
The first Baby Boomer to turn 65 just happened on January 1 2011
There are 267, 952 baby boomers aged 45 to 64
In Canada 9 million people were born between 1946 and 1965
Between 2011 and 2021 the nunber of Albertans aged 65 or older will increase from 11-15%
By 2031, 1 in 5 Albertans will be 65

A CHIP Home Income Plan is a tax free source of money to:
Eliminate Debt
Enhance your retirement
Gifts
Travel
Upgrade your Current Home

As long as you own your home, regardless of income you can qualify for up to 40%  of the equity in your home. You do not have to make any payments until you sell or move.

Income producing properties do not qualify and the property must have its own water supply. No shared water wells are excluded. The older the applicant, the more they qualify for.

An appraisal is completed
The applicant must fill out an application
I pull a credit bureau
I collect a copy of the property taxes from the town/city office
If the applicant is a widower, and both spouses are still on title, then a copy of the death certificate or letter from funeral home is sufficient. When the funding is completed, the lawyer will change the status of the title

I have successfully completed many of these types of applications. I think it is a great tool for any senior living on a pension. You can pick from a fixed rate or variable rate interest plan. It is set up much like a mortgage but with fewer payments if you choose.

http://www.mortgagebrokerdawna.com/    http://www.dawnaprovidenti.com/    http://www.wehaveamortgageforthat.ca/