(NC)—Wanda and Leo Leporte had always enjoyed travelling. Whether it was the weekend getaway to the Muskokas, the family vacations to Florida or their 25th wedding anniversary trip to Hawaii, the Leporte's best memories came from their travels.
Having recently retired from their respective careers, the Leportes were now ready to spend their retirement years travelling. In fact, they had chosen a Mediterranean cruise as their next destination. Unfortunately, the Laportes soon realized that the money they had saved for retirement didn't match their travel plans.
"While we had money to live comfortably during our retirement years, it wasn't quite enough given the amount of travelling we wanted to do," said Leporte. "We looked into several financing options, including a line-of-credit, but we couldn't meet certain financial qualifications given our recent retirement. Also, with our limited income, we wouldn't have been able to make the monthly repayments."
That's when the Leportes heard about CHIP Home Income's planned advances. CHIP's Planned Advances give Canadians over 60 the flexibility to access up to 40 per cent of their home's equity in tax-free cash when and as they wish. Unlike a line-of-credit, CHIP home income does not require any medical, income or credit qualifications. Additionally, since clients do not have to service their debt on an ongoing basis, the income that they receive can be directly applied to their monthly expenses.
"It gave us the extra boost we needed so that we could continue to travel for the rest of our retirement without having to worry about paying down our debt every month," said Leporte. "Best of all, we have peace of mind that we will always be able to count on having access to our home equity – even if our medical or income situation changes."
For more information on a how CHIP Home Income Plan may benefit you, visit www.chip.ca or call 1-866-522-2447.
- News Canada
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