Retire in the Comfort of your Home with Reverse Mortgage

For many seniors, their family home is a place of fond memories as well as their biggest nest egg. Coupled with a familiar neighbourhood, neighbours and friends nearby, and the comfort of their local support network of doctors and pharmacists, it's not surprising that 61% of Canadians aged 45 to 60 plan to retire in their current homes.

According to the 2011 Canadian Retirement Snapshot by Ipsos Reid and HomEquity Bank, 78 per cent of retired Canadians hope to stay in their homes for as long as they can, with seniors in Atlantic Canada (76 per cent), Saskatchewan (73 per cent) and Manitoba (73 per cent) expressing the greatest desire to stay put.

For homeowners aged 55 and over, a reverse mortgage, such as the CHIP Home Income Plan, can help seniors do just that by allowing access to up to 50 per cent of the equity locked up in their homes. This equity can be turned into liquid tax-free cash to improve day-to-day cash flow to boost income during retirement and avoid downsizing to sustain an affordable retirement. CHIP Home Income Plan is a simple and sensible financial solution ideal for seniors regardless of income, credit history or medical status, and allows seniors to maintain full ownership of their property. They are not required to service the interest nor repay the principal for as long as they own and live in their home.

With a CHIP Home Income Plan, you can:

•    Supplement an insufficient monthly income by redeploying a portion of your home's equity into income generating investments;

•    Preserve investment assets without worrying about withdrawing RRIFs above the annual minimum or selling non-registered investments to cover living expenses;

•    Travel, invest in a hobby or small business, or assist children or grandchildren with educational or major expenses;

•    Hire extra hands around your house for seasonal landscaping, pool cleaning or last-minute home renovations and fix-ups before the winter;

•    Pay off debts and increase monthly cash flow.

A CHIP Home Income Plan from HomEquity Bank offers low rates to help seniors enjoy retirement on their terms. Details are available online at www.chip.ca, toll-free at 1-866-233-2989 or by contacting your financial advisor or mortgage broker.

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