(NC)—Alan Prescott recalls the good old days when he didn't have to shell out more than $80 (in total) for all his monthly home expenses, including heating, cable, municipal taxes and groceries. "Today, $80 would barely cover the cost of a single bill," said Alan. Despite a drop in income since retiring on his 65th birthday, Alan will no longer be giving his monthly expenses a second thought.
Through a CHIP Home Income Plan, Alan has accessed the equity in his home as a flexible and sensible way to manage his day-to-day and monthly finances. By choosing CHIP's Planned Advance option, Alan now receives $3,000 of his home's equity every three months.
"While getting all of the money I had qualified for from CHIP as a lump-sum was an option, I preferred the convenience of planned advances in the form of quarterly installments as a way to organize my spending," said Alan. Available to Canadian homeowners aged 60 and older, the CHIP Home Income Plan offers a simple financial solution that enables seniors to live in their own home and enjoy life on their terms. The added benefit of CHIP's planned advances is the flexibility for seniors who want to access their home's equity when and as they wish.
"My planned advance is automatically deposited into my bank account so I can depend on an ongoing source of cash," added Alan. "It has changed my perspective on my retirement and I no longer worry about how I'll manage my expenses."
More information is available online www.chip.ca or toll-free at 1-866-522-2447.
- News Canada
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