Cash out, without moving out Iqaluit NU

Often times, homeowners 60 and older who are looking to augment their monthly income are worried about their future financial, credit or medical situ ...

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Cash out, without moving out

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(NC)-Often times, homeowners 60 and older who are looking to augment their monthly income are worried about their future financial, credit or medical situation, and whether they'll be able to keep up with the regular interest payments required by traditional credit products.

Fortunately, there is a solution that meets the needs of many seniors in Canada. With a variable interest rate guaranteed not to exceed Prime Rate plus 1.5 per cent, Canadian Home Income Plan (CHIP) is providing Canadians 60 plus with a simple and sensible financial solution through their Best Rate Planned Advance offering.

CHIP's planned advance option affords seniors the flexibility to turn $1,000 of their home equity into tax-free cash on a monthly basis. Through this offering, seniors are able to maintain home ownership while the equity of their house works to manage day-to-day living expenses.

With the rate guaranteed not to exceed Prime Rate plus 1.5 per cent, seniors who access their home equity regularly by way of various lines of credit may find the CHIP solution to be an a appealing alternative.

Seniors who worry that changes to their future level of income, or credit qualifications, may affect their ability to access their home equity when they need it most, now have another viable option. The planned advance solution is also ideal for seniors who feel more comfortable accessing a smaller portion of their home equity on an ongoing basis.

By turning home equity into cash, CHIP's solution enables seniors to pay off outstanding debts, make new investments to generate additional monthly income, or help children and grandchildren reach their financial goals.

For more information on a how CHIP Home Income Plan may benefit you, visit www.chip.ca or call 1-866-522-2447.

Credit: www.newscanada.com