We have just been through the certification program with Home Equity Bank and are happy to answer any questions you may have with the CHIP product.  This is a great option for clients when they want to remain in their home but access equity to purchase rec properties, investment properties, help family purchase a home or consolidate debts and just have some extra cash.

Here’s a few details about it:

• Great for pensioners that have a large amount of equity but low monthly income
• No mortgage payments need to be made as long as they live in the home
• Available for home owners over 55 years of age
• Available for condo’s, townhouses and detached homes
• Must live in the property
• Interest rates range from 6-6.5%
• Applicants do not have to go through the government stress test
• Income qualification is not required
• Set up fees are $1,795 for the legal process and about $300 for appraisal
• Mortgage can be set up to payout in a large lump sum or clients can draw a regular monthly payment to help with the cost of living and enjoy life doing what they want
• Very simple process with minimal paperwork required