CHIP Adds More Choice and Flexibility to Reverse Mortgages
TORONTO, Feb. 1 /CNW/ - Canadian seniors now have more choice and
flexibility when they choose a reverse mortgage to meet their wealth-building
or income-generating needs.
CHIP, Canadian Home Income Plan, the only national provider of reverse
mortgages in Canada, has introduced enhancements for new reverse mortgages to
provide homeowners 62 and over with more financial planning options.
"We are pleased to offer more flexibility to Canadian seniors who choose
to access the equity in their home through a reverse mortgage," said Steven
Ranson, President and CEO of CHIP. "Now, with easier and more flexible access
to the funds from their reverse mortgage as well as more interest rate
options, our clients can build the CHIP Reverse Mortgage that works best for
their financial situation."
CHIP has introduced three new product enhancements to provide more
flexibility in its reverse mortgage:
Choice of Interest Rate Reset Terms
CHIP now offers seniors a choice of interest rate and term combinations
that best fits their financial preferences. In addition to the standard
one-year term, seniors can now choose a short term -- six month -- or a
longer-term three-year interest rate reset term. The choice of interest rate
reset terms enables seniors either to take greater advantage of changing rates
or to gain longer-term protection against potential increases in interest
rates.
Easier access to funds when you want them
Homeowners have the choice of receiving the full amount available from
the reverse mortgage all at one time or to take some of the money to start and
then take more whenever they wish. Interest only accrues on the amount
received and seniors can access the remaining funds quickly and easily without
having to renegotiate their reverse mortgage.
Interest Rate Incentives
All new CHIP clients also qualify for interest rates discounts of up to
1.50% based on the length of time the reverse mortgage is held and the
outstanding balance helping to preserve more equity in their home.
"CHIP continues to research new ways to increase the appeal of our
product," said Mr. Ranson. "These new enhancements are part of our commitment
to providing an effective tool for seniors to meet their financial goals."
CHIP
Founded in 1986, CHIP (Canadian Home Income Plan Corporation) is Canada's
first and only national provider of reverse mortgages for seniors.
Designed as a life-term loan with no regular repayment schedule, the CHIP
Reverse Mortgage can be a dynamic addition to a senior's financial portfolio.
It allows seniors to use the equity in their home to create wealth building
and income generating opportunities, while maintaining ownership of the home.
Today the CHIP Reverse Mortgage is available to homeowners 62 and older
through most of the national chartered banks in Canada, credit unions,
mortgage brokers, investment and financial planning firms, or directly from
CHIP.
CHIP is the Canadian leader and the recognized authority on the evolution
of financial solutions tailored to the unique financial perspective of
Canadians 62 and older.
RTG Consultants is a national approved reverse mortgage lender, please feel free to call with any questions at 1-888-973-8377.
