Boost Retirement Income in Tough Times
March 31, 2009 · Print This Article
EDMONTON, ALBERTA – March 27, 2009 – Many Canadian seniors are supplementing their retirement incomes in these uncertain economic times by accessing some of their home equity through the Canadian Home Income Plan (CHIP), known as a reverse mortgage.
CHIP, offered through Horizon Equity, allows Canadian seniors to access up to 40% of their home equity (depending on their outstanding mortgage balance, age, and a few other factors), and can receive the funds in one lump sum payment or through monthly payments. With the funds accessed through CHIP, seniors are able to substantially increase their retirement cash flow, which creates peace of mind in times of economic hardship.