CHIP Home Income Plan

/CHIP Home Income Plan
CHIP Home Income Plan 2014-07-16T19:26:28+00:00

Are you a homeowner age 55 and older that would like to access the equity from your free and clear home? No income qualification and no credit requirements under the CHIP Home Income Plan. You could qualify for up to 50% of the value of your home. Money can be received as a lump sum or over time.

Flexibility and Choice

  • No payments required until the house is sold or both owners move out
  • Clients have the option to repay the principal and interest in full at any time
  • Clients also have option to pay interest monthly

Ownership and Estate Protection

  • Owner maintains title
  • They can move or sell any time
  • Amount to be repaid is guaranteed not to exceed the fair market value of the home at the time it is sold

Clients can choose to receive the money:

  • On a monthly basis via planned advances, for a minimum of $500 up to a maximum of 2% monthly of approved funds. Planned advance amounts may be changed once in a rolling 12 month period.
  • In stages with any initial lump sum and subsequent lump sums (minimum $10,000), as needed.

Two accounts with two distinct interest rates:

Planned Advance Account: A variable interest rate account for the regularly scheduled advances (planned advances).
Lump Sum Account: A fixed interest account for any initial advance and/or future lump sum advances (subsequent advances).

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