Enjoy an Independent Retirement Courtesy of your Home Equity

According to Statistics Canada the number of Canadians aged 65 and older will jump to about six million by 2016. As Canada's population ages, a recent Ipsos Reid survey of Canadians aged 45 to 60 reveals that 61 per cent intend on remaining in their homes for as long as they can. The desire for Canadians to stay in their current homes increases as they grow older, according to the survey findings.

This creates the need for increased safety and accessibility measures in seniors' homes, while some may also consider an extra set of hands to help maintain their property and hire seasonal help or home care assistance.

With HomEquity Bank's CHIP Home Income Plan, homeowners aged 55 and over can access up to 50 per cent of the equity locked up in their homes to improve monthly cash flow and help fund major home renovations that will help them lead independent lives. Seniors maintain full ownership of their property and will not be required to service the interest nor repay the principal for as long as they own and live in their home.

CHIP Home Income Plans are provided by HomEquity Bank to senior homeowners with no credit, income or medical qualifications. You can obtain more details online at www.chip.ca, toll-free at 1-866-233-2989, or from your financial advisor or mortgage broker.

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