(NC)—The thought of saving money for university can be daunting. In addition to ever-increasing tuition fees and book prices, students also have to deal with everyday living expenses, such as rent and utility bills. While many students are reasonably aware of the cost of tuition, they often overlook or underestimate the cost of living during their university years.
Fortunately, Canadian grandparents are stepping in and lending an extra hand in financing their grandchildren's education by leveraging their home's equity. The CHIP Home Income Plan, designed exclusively for homeowners aged 60 and older, enables Canadians to access up to 40 per cent of their home's value, with no income, credit or medical requirements. Although CHIP Home Income Plan proceeds can be taken as a lump sum, seniors can also choose to receive a predetermined amount, often $500 to $1,000, of their home equity on a monthly basis. The flexibility of the planned advance option provides seniors with a dependable, ongoing cash flow which they can put towards a grandchild's education. CHIP makes it possible for seniors to enjoy life on their terms, and many Canadians are happily choosing to use their home equity to invest in the next generation's future.
More information is available online www.chip.ca or toll-free at 1-866-522-2447.
- News Canada
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