Our friends at CHIP can help Islanders 55+ take advantage of the equity in their home to supplement the cost of living using a Reverse Mortgage…
Unfortunately retirement can also bring financial strain for Islanders 55+. Seniors often face the challenge of managing with less cash flow than they anticipated or coping with unforeseen expenses.
RAM Mortggaes PEI understands & our partners at Home Equity Bank are the only bank dedicated to empowering older Canadian homeowners with smart, simple ways to use the value of their home during retirement.
For over 25 years The Canadian Home Income Plan (CHIP) reverse mortgage solution has helped thousands of older homeowners enjoy more financial flexibility without having to sell or move. CHIP might be the solution for you.
Features of a CHIP Reverse Mortgage
- Homeowners age 55 and older
- No payments are ever required
- No Income qualifications
- No Credit requirements
- Qualify for up to 50% of the value of the home
- Money can be received as a lump sum, or over time or combination
- Owner maintains title
- They can sell or move at anytime
- Receive the money tax free
“CHIP is a way to take advantage of the equity that you have in your home and use it for whatever purpose you want.”
Sandy & Christopher M
“If you sell your home you’re gonna be living off the proceeds and what you’re doing now is not selling your home and living off the proceeds.”
“If it wasn’t for CHIP we would have had to sell our home.”
“Dealing with CHIP Home Income Plan was amazingly simple. I would recommend the CHIP program to anybody.”
Jan & John M
” Contact me today to discuss CHIP Reverse Mortgage solutions & learn how you can unlock the value in your home.”
- Ricky MacFarlane * RAM Mortgages PEI * 902-314-2147