Canadian Mortgage News
June 8, 2011
CHIP Home Income Plan extended to homeowners 55+
CHIP Home Income Plan
extended to homeowners 55+
CHIP Home Income Plan provided by HomEquity Bank will now be available to homeowners as young as 55.
The lowering of the eligibility age from 60 to 55 comes in response from:
• A significant demand by senior couples where one of the spouses is over 60 while the other is a few years younger
• The need for senior couples to better coordinate their retirement plans by making it possible to access equity stored in their homes to enjoy retirement on their terms
The change from 60 to 55 as the minimum age of eligibility for a CHIP Home Income Plan does not constitute a major shift in our lending focus. The majority of our new clients will continue to be homeowners in their late 60s and early 70s.
