Give your parents a financially stable retirement

(NC)—It wasn't long after university that Gary realized he'd have to move away from the town where he grew up. Computer programming jobs were scarce in a community of 2,000 and the booming economy in Alberta was simply too much to resist. Still, Greg was always sure to save some vacation time and make the trip home at least twice a year to see his parents, Don and Louise.

But during his last few visits home, Gary noticed a change in the house where he spent his childhood. Paint was chipping, floorboards creaking and the front walk was beginning to shift from the deep frost of winters past. It was clear that his recently retired parents were having trouble keeping up with the day-to-day repairs of their home.

Gary's suspicions were confirmed over Sunday dinner when his mother mentioned that they had considered hiring someone to make a few repairs but simply couldn't afford it. The cost of retirement was far greater than anticipated and Don and Louise had to cut back in all areas of their life, not just household repairs.

Gary's initial reaction was to offer his parents financial support, but after much consideration, he realized that his parents would simply not accept it. Gary's father had always cherished his independence as a small business owner and would never dream of seeking financial help – especially from his son.

The answer came that evening when the family was watching television. In between programs, Gary noticed an advertisement for CHIP Home Income Plan, a simple and sensible financial solution designed for homeowners aged 60 and older.
By securing a CHIP Home Income Plan, Canadians over 60 can access up to 40 per cent of the equity in their home, which improves not only their overall cash flow, but, like Gary's parents, ensures seniors have the financial resources they need to keep up with the cost of living.

Gary suggested that his parents consider accessing their home equity. After all, it was a major portion of their assets and they were entitled to use it in retirement. Now, thanks to CHIP, Don and Louise have the money they need to lead a retirement free of financial worries, and Gary can look forward to many more trips home.

More information on this topic is available online at www.chip.ca or toll-free 1-866-522-2447.

Source: www.newscanada.com
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