What can a CHIP (Canadian Home Income Plan-reverse mortgage) do for You?

CHIP stands for Canadian Home Income Plan. What is the purpose of this plan? This plan is a tool for people 55 years or older to take out equity from their house, without having to sell their home and you get to stay in your home CHIP Eligibility Homeowners 55 and older No medical qualification No income or credit requirements How much can I get? Depending on your age, about 50% of the home's value. Money can be received as a lump sum or over time payments Funds are not taxed as income Interest expense may be used to reduce taxes on investment income Repayment? No repayment is need until the house is sold or both owners move out You have the option to repay the principal and interest in full at any time. Ownership and Title? Owner maintains Title You can move or sell at any time Amount to be repaid is guaranteed not to exceed the fair market value of the home at the time it is sold. Some scenarios in which a CHIP plan may work? -You retire your pension is not as good as you thought it would be, leaving you with very little money to enjoy your retirement. -You retire and still have a small mortgage in which you want the mortgage paid out. Giving you more monthly income -Your spouse passes away cutting your retirement income in half. -Your health needs special attention -you need to hire a nurse for in home care, special equipment -walkers , wheel chairs etc. You can pull money (equity) out of your house to pay a nurse to help you, instead of going into a expensive seniors home. -You and your spouse divorce or separate and you need to payout the spouse for the house -Repair your home with needed updates and retro fits to suit your comfort and safety in your senior years -Cannot qualify for a mortgage because retirement income is too low. - Call me to inquire if a CHIP plan may be useful for you or your senior parents. As you can see there are many reasons why a CHIP is useful. The main purpose of the CHIP plan is to keep you in your home where you want to be. Each person has unique circumstances, Call me to see if a CHIP plan will work for you. 1.250.650.4182One more reason why a CHIP plan may work better for you Seniors' homes are expensive, costing around $3000.00/ month. Many seniors want to stay in their family homes where they are most comfortable. For more information click here Rates Mortgage Tips Resources Credit Blog Categories 365 Things To Do In Campbell River 365 Things To Do In The Comox Valley Comox Valley Tidbits and Other Stuff Mortgage Market Updates and News Real Estate For Sale By Owner Recent Posts What can a CHIP (Canadian Home Income Plan-reverse mortgage) do for You? Comox Valley takes its place in the history book Harvest dinner in Cumberland Sunday Banff Mountain Films return with tale of survival CHARITY YARD HAUNT

Some Comox Valley Workers Have The Best Employers

Some Comox Valley workers have the best employers in Canada.
The annual 'Top 100' list has been published today in the Globe and Mail, putting Vancouver Island Health Authority, Westjet, Shaw Communications and the Bank of Montreal are among the top of the heap.
Employers are evaluated using eight criteria:

• Physical Workplace
• Work Atmosphere & Social
• Health, Financial & Family Benefits
• Vacation & Time Off
• Employee Communications
• Performance Management
• Training & Skills Development
• Community Involvement.

Employers are compared to other organizations in their field to determine which offers the most progressive and forward-thinking programs.
“Fostering a positive work environment is one way we can thank our staff for the compassionate care they provide to our communities each and every day,” said VIHA CEO and President, Howard Waldner, who's set to retire in 2013.
"Being recognized as a Top 100 employer validates our belief that we can only succeed - and attract and keep skilled and passionate employees - if we create a workplace that welcomes diversity, encourages innovation, and provides tools, training and support to equip employees to perform at their very best," said Lynn Roger, Chief Talent Officer, BMO Financial Group.
Though it may not be popular right now, pipeline proponent Enbridge has made the national Top 100 list, for providing generous vacation, great financial rewards, donating one percent of its annual pre-tax earnings every year, offering generous tuition subsidies, in-house apprenticeship and skilled trades opportunities, and helping older employees prepare for life after work with retirement planning assistance.

2013 WINNERS:

3M Canada Company
Aboriginal Peoples Television Network Inc.
Accenture Plc
Aecon Group Inc.
Agriculture Financial Services Corporation
Agrium Inc.
Alberta-Pacific Forest Industries Inc.
AMEC Americas Limited
Bank of Canada
Bayer Inc.
BC Public Service
Bennett Jones LLP
BMO Financial Group
Bombardier Inc.
Business Development Bank of Canada
Cameco Corporation
Canadian Imperial Bank of Commerce / CIBC
Canadian Security Intelligence Service
Carswell, div. of Thomson Reuters Canada Ltd.
Catholic Children's Aid Society of Toronto
Cementation Canada Inc.
Ceridian Canada Ltd.
Certified General Accountants Association of Canada
College of Physicians and Surgeons of Ontario, The
Dalhousie University
Deeley Harley-Davidson Canada
Desjardins Group / Mouvement des caisses Desjardins
DIALOG
Diavik Diamond Mines Inc.
Digital Extremes Ltd.
EllisDon Corporation
Enbridge Inc.
Fairmont Hotels & Resorts
General Motors of Canada Limited
Georgian College
Goldcorp Inc.
Golder Associates Ltd.
Great Little Box Company Ltd., The
Hospital for Sick Children, The
HP Advanced Solutions Inc.
ISM Canada
Ivanhoé Cambridge Inc.
Johnson Inc.
Knight Piésold Ltd.
KPMG LLP
L'Oréal Canada Inc.
Ledcor Group of Companies
Loblaw Companies Limited
Manitoba Hydro
Manitoba Lotteries Corporation
Manulife Financial Corporation
Mars Canada Inc.
McCarthy Tétrault LLP
Medtronic of Canada Ltd.
Molson Coors Canada
Monsanto Canada Inc.
National Ballet of Canada, The
National Energy Board
Northwest Territories, Government of the
Nuance Communications Canada Inc.
OpenText Corporation
Ottawa, City of
PCL Constructors Inc.
Pfizer Canada Inc.
Potash Corporation of Saskatchewan
PricewaterhouseCoopers LLP
Procter & Gamble Inc.
Rescan Environmental Services Ltd.
SAS Institute (Canada) Inc.
Saskatchewan Government Insurance
SaskTel
Shaw Communications Inc.
Shell Canada Limited
Shoppers Drug Mart Inc.
Simon Fraser University
Solvera Solutions
St. Joseph's Healthcare Hamilton
Stryker Canada Inc.
Suncor Energy Inc.
Sunnybrook Health Sciences Centre
TD Bank Group
Technip Canada Limited
TELUS Corporation
Toronto Hydro Corporation
Toronto International Film Festival Inc. / TIFF
Toyota Motor Manufacturing Canada Inc.
Trican Well Service Ltd.
Union Gas Limited
University of New Brunswick
University of Toronto
Vancouver City Savings Credit Union
Vancouver Island Health Authority
Vancouver, City of
West Fraser Timber Co. Ltd.
WestJet Airlines Ltd.
Winnipeg Airports Authority Inc.
Workers' Compensation Board of Nova Scotia
World Vision Canada
Xerox Canada Inc.
Yellow Pages Group Co.

Mortgage Calculators

Want some mortgage calculators you can play around with?

Payment calculator-- how much will my payment be?

Affordability---          how much can I afford?

Rent vs Buying----     should you rent or buy?

Amortization schedule--- what are the interest and principal payments month by month?

Bi-weekly vs monthly payments--what would you save by changing to bi-weekly payments?

Early Renewal Calculator----should you be renewing your mortgage earlier at a lower rate?

Mortgage qualifier-----how much income do I need to afford this house?


Here are some calculators you can play around with.
If you have any questions give me a call or email me.

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

akroemer@mortgagegroup.com

www.KROEMERmortgages.com

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