(NC)— When seniors enter into their retirement phase, many hope to take advantage of this time in their life and do the things they always dreamed of such as travel, upgrade or renovate their kitchen, or help their children or grandchildren buy their first home. Often though, increasing maintenance costs and rising property taxes coupled with the lack of continued income make it difficult for them.
There is, however, a solution, for Canadians over the age of 60 who find themselves facing difficult financial choices in retirement – a CHIP Home Income Plan. This simple, sensible borrowing option allows seniors to unlock the value they have worked hard to build up in their home, while continuing to live in it and maintain ownership. It enables seniors to access up to 40% of the value of the home in tax-free cash, making it possible for them to improve their day-to-day cash flow.
“A CHIP Home Income Plan can make a world of difference for seniors, particularly retirees, whose finances are affected once they stop working and their income decreases,” notes Ian Adams, a financial planner with Olympian Financial Inc. “I often present it as a borrowing option to clients, especially those whose net worth is mainly tied up in their home and investments. It is a smart way for seniors to live their retirement the way they planned and enjoy life on their terms.”
More information on this topic is available at online at www.chip.ca or by calling 1-866-522-2447.
Source: www.newscanada.com
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