Angela Kroemer Mortgage Professional

Angela Kroemer Mortgage Professional
1.250.650.4182
Showing posts with label CHIP Home Income Plan. Show all posts
Showing posts with label CHIP Home Income Plan. Show all posts

Saturday, October 6, 2012

Happy Canadian Thanksgiving

I have so many things to be thankful for, my family, my health and my clients, who give me such joy on a day to day basis, the stories they share, with me. The ups and downs of finding their dream home. How could anyone not love this job.
Thank you.
Happy Thanksgiving.

History of the Canadian Thanksgiving:



The origin of the first Thanksgiving in Canada goes back to the explorer Martin Frobisher who had been trying to find a northern passage to the Pacific Ocean. Frobisher's Thanksgiving celebration was not for harvest but was in thanks for surviving the long journey from England through the perils of storms and icebergs. In 1578, on his third and final voyage to these regions, Frobisher held a formal ceremony in Frobisher Bay in Baffin Island (present-day Nunavut) to give thanks to God and in a service ministered by the preacher Robert Wolfall they celebrated Communion — the first-ever service in these regions.  Years later, the tradition of a feast would continue as more settlers began to arrive in the Canadian colonies.

Oven roasted turkeyIn Canada

The origins of Canadian Thanksgiving are more closely connected to the traditions of Europe

For a few hundred years, Thanksgiving was celebrated in either late October or early November, before it was declared a national holiday in 1879. It was then, that November 6th was set aside as the official But then on January 31, 1957, Canadian Parliament announced that on the second Monday in October, Thanksgiving would be "a day of general thanksgiving to almighty God for the bountiful harvest with which Canada has been blessed." Thanksgiving was moved to the second Monday in October because after theRemembrance and Thanksgiving kept falling in the same week.
The 49th Parallel

Another reason for Canadian Thanksgiving arriving earlier than its American counterparioof remembering Pilgrims and settling in the New World, Canadians give thanks for a successful harvest. The harvest season falls earlier in Canada compared to the United States due to the simple fact that Canada is further north.

The history of Thanksgiving in Canada goes back to an English explorer, Martin Frobisher, who had been trying to find a northern passage to the Orient. He did not succeed but he did establish a settlement in Northern America. In the year 1578, he held a formal ceremony, in what is now called Newfoundland, to give thanks for surviving the long journey. This is considered the first Canadian Thanksgiving. Other settlers arrived and continued these
ceremonies. He was later knighted and had an inlet of the Atlantic Ocean in northern Canada named after him - Frobisher Bay.

At the same time, French settlers, having crossed the ocean and arrived in Canada with explorer Samuel de Champlain, also held huge feasts of thanks. They even formed 'The Order of Good Cheer' and gladly shared their food with their Indian neighbours.

After the Seven Year's War ended in 1763, the citizens of Halifax held a special day of Thanksgiving.

During the American Revolution, Americans who remained loyal to England moved to Canada where they brought the customs and practices of the American Thanksgiving to Canada. There are many similarities between the two Thanksgivings such as the cornucopia and the pumpkin pie.

Eventually in 1879, Parliament declared November 6th a day of Thanksgiving and a national holiday. Over the years many dates were used for Thanksgiving, the most popular was the 3rd Monday in October. After World War I, both Armistice Day and Thanksgiving were celebrated on the Monday of the week in which November 11th occurred. Ten years later, in 1931, the two days became separate holidays and Armistice Day was renamed Remembrance Day.

Finally, on January 31st, 1957, Parliament proclaimed...

"A Day of General Thanksgiving to Almighty God for the bountiful harvest with which Canada has been blessed ... to be observed on the 2nd Monday in October.






Angela Kroemer, AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
TMG Sharie Marie Mortgage Team
Local: 1.250.650.4182
TFP: 1.888.679.0190
Fax: 1.888.679.0192

Thursday, March 29, 2012

Reverse mortgages an income lifeline for some seniors

Reverse mortgages an income lifeline for some seniors

A great article. For more information, give me a call.

Angela Kroemer, AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
TMG Sharie Marie Mortgage Team
1.250.650.4182
akroemer@mortgagegroup.com
www.KroemerMortgages.com
Your Mobile Mortgage Professional in The Comox Valley

Friday, January 13, 2012

CHIP Home Income Plan - Reverse Mortgage


Living in the Comox Valley is truly wonderful. So many things to do, so many things to see.
The downside to living here is everything is so expensive. It is okay while you are working and can make a decent wage, or for many people work extra hours to make extra money to do the activities they want.

But once you retire, well that is a different story.

Pensions don't increase at the speed that everything else increases. Was listening to the news the other day and medical went up, property taxes are going up, gas tax going up. Just how does a person on a fixed income make do if they cannot earn anymore money?

The other downside to living here is the medical. If you get sick, the reality is that you have to travel to Victoria to see a specialist, to get medical treatment that they do not do in the Comox Valley. The travelling can be several times a month or several times a year. That extra money for traveling eats into the cash the pensioner may have.

Also, our medicare is cutting down on the items it provides. Now everyone is faced with extra bills for the medical items that medicare will not cover anymore. Even if your doctor says you have to have them.

Stock market -- Thinking that your returns will be at least 5% and finding out that it is only 1%, if you had anything left after all those crashes. So much for that extra income in your retirement years.

The solution can be a CHIP Home Income Plan - Reverse Mortgage if you own your own home. It allows you to stay in your home while getting income from your home to help with all those extra expenses. In the last couple of years there has been an increase of pensioners looking to the CHIP program to get them extra income to live on.


SOME HIGHLIGHTS of the CHIP Home Income Plan - Reverse Mortgage are:



A CHIP Home Income Plan is a reverse mortgage secured by the equity in your home. Unlike a traditional mortgage in which you make regular payments to someone else, a reverse mortgage pays you.

The big advantage with CHIP is that you do not have to make any payments – principal or interest - for as long as you or your spouse live in your home.

A CHIP Home Income Plan is designed exclusively for homeowners age 55 and older. This age qualification applies to both you and your spouse.

You can receive up to 50% of the value of your home.

You can choose how you want to receive the money. CHIP gives you the option of receiving all the money you're eligible for in one lump sum advance, or you can take some now and more later, or you can receive planned advances over a set period of time. You can even combine a lump sum advance at the beginning with ongoing advances over time.

You receive the money tax-free. You can use the money any way you wish.

No payments are required while you or your spouse live in your home. The full amount only becomes due when your home is sold, or if you move out.

You maintain ownership and control of your home. You will never be asked to move or sell to repay your CHIP Home Income Plan. All that's required is that you maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.

You keep all the equity remaining in your home. In our many years of experience, 99 out of a 100 homeowners have money left over when their CHIP Home Income Plan is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.

Your estate is well protected. We guarantee that the amount to be repaid will never exceed the fair market value of your home at the time it is sold. If your heirs want to keep your home, they can repay the CHIP Home Income Plan from other funds.



If you would like to know more about the CHIP Home Income Plan - Reverse Mortgage, give me a call or email me.



Thank you
Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com

TMG The Mortgage Group Canada Inc.