Consumer News
Home For the Holidays
By
Nov 19, 2007, 23:44

(NC)-Christmas was always a special time for Sam and Rhonda Gerrard. With a son in Calgary and a daughter in Toronto, it was often difficult for the family to come together for any length of time. Despite this, the Gerrards always returned to Sam and Rhonda's two -story country home for the Christmas holiday.

The home, which had been in the family for over thirty years, was a place of many happy memories for the Gerrards.

It was a place where first steps had been taken, first words spoken and first Christmases celebrated.

Unfortunately, it was beginning to look like Christmas would soon have to be celebrated elsewhere.

Since their retirement, Sam and Rhonda, both in their sixties, were struggling to keep up with the increasing maintenance costs of the old home.

This, paired with a drop of income after retirement and increasing property taxes, was leading to mounting debt for the couple. To maintain their lifestyle, it appeared the Gerrards would have to sell the house their children grew up in.

"We thought we were prepared for retirement," said Sam. "We had been saving for years, but the cost of living keeps growing. That can be difficult when you're relying on a fixed income."

A couple of weeks before the home was scheduled to go on the market, Sam and Rhonda's son, Gregory, saw an ad for CHIP Home Income Plan. A sensible choice for those over 60, CHIP enables seniors to access up to 40 per cent of their home's value to enhance monthly cash flow. CHIP provides long-term financial security while allowing seniors to stay in their home.

Sam and Rhonda scheduled a meeting with their financial advisor and were delighted to discover they qualified for a CHIP Home Income Plan. With no income, credit or medical requirements, it only took a few days for Sam and Rhonda to turn the equity in their home into tax-free cash.

"It felt like a huge weight was lifted off our shoulders," said Sam. "We were able to maintain our lifestyle without having to give up our home. Life became much brighter."

As the air grows cold and the countdown to the holiday season begins, Sam and Rhonda can now relax knowing that their family will soon be home for this Christmas and many more to come.

More information is available online at www.chip.ca or toll-free at 1-866-522-2447.

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