No Place Like Home: Financing Renovations Through Home Equity
According to a study by Leger Marketing and commissioned by Secure Insurance Solutions Group Inc., more than half of Canadians 50 or older are now retiring and 36 per cent are planning to retire before the age of 59. Of these, 38 per cent will choose to spend their new found leisure time renovating their homes for aesthetic reasons or to change their living space.
How can seniors afford these renovations?
One of the ways to finance renovations is to tap into the equity built up in the home itself. With a CHIP Home Income Plan you can access up to 50% of your home equity.
Plus take a look at these other great benefits:
• no interest or principal payments are due until your clients choose to move or sell
• no income, credit or medical qualifications are required
• flexible payment options – clients can choose to receive a lump sum, regular income stream, or both
• the money is received tax-free and doesn’t affect eligibility for income-tested government benefits
Whether you would like to improve the safety of your home, make it larger or simply make it more comfortable a CHIP Home Income Plan can help.
Contact me to discuss how CHIP can help you today.