Canada Home Loans for Seniors through CHIP (Canadian Home Income Plan

For those over the age of 60 who have mortgage free property, now is the time to act to secure your financial future. In Canada home loans for seniors are managed under the Canadian Home Income Plan, otherwise known as chip. This is different than a home purchase loan because it allows you to borrow up to 40% of your home’s value without every making a payment as long as you still live in the home.

In today’s economy, especially in Canada home loans are more difficult to manage, but that doesn’t mean it has to be impossible to keep your finances in order and secure your future. Here’s more on the Canadian Home Income Plan (CHIP):

• If you are age 60 or over (and your spouse is as well) then you qualify for this program.
• As long as you, or your spouse, live in your home, you will never make a payment. It is only after you move out of the residence that the payments begin.
• CHIP allows you to borrow up to 40% on the value of your home. You won’t see that with a traditional home purchase loan.
• The money you receive from this program is not added to your taxable and won’t affect your Guaranteed Income Supplement, your Old Age Security or any other benefits you receive.
• There are no restrictions as to how you use the money from your loan.
• Using CHIP does not equate with giving up ownership or control of your home. Your home is yours and all you have to do is continue paying your property taxes.
• You continue earning equity on your home.

If you’re searching for programs that will help you beat the economy and keep your home, and you’re over the age of 60, please make contact today to discuss how CHIP can change your future.