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Downsizing Not Always the Answer to a Comfortable Retirement
(NC)—Olive and Frank had always planned on selling their home and downsizing as part of their financial plan in retirement. As with many things in life, however, timing is everything. When Olive and Frank recently listed their home for sale, they soon realized that the real estate market has become a lot less seller friendly. Clearly, they could not count on the kind of return they hoped.
Rather than settling for less, they decided to keep the home they have lived comfortably in for years and tap into the equity that has built up with a reverse mortgage. A reverse mortgage like the CHIP Home Income Plan is a solution that allows seniors 60 years or older turn up to 40% of their home equity into tax-free cash, without any payments required until they choose to move or sell. By unlocking a portion of their home equity with CHIP, Olive and Frank were able to significantly improve their cash flow and support their day-to-day retirement living. The couple is not tied down to monthly payments and they are relieved that no repayment is due until they choose to sell or move. Furthermore, they are guaranteed that they will never have to repay more than the fair market value of their home at the time of sale.
“We’ve lived here for as long as we’ve been a family. We didn’t really want to move, but always thought we would need to so that we would have enough money for our retirement. Now we are thrilled to be able to stay,” says Olive. “The CHIP Home Income Plan lets us maintain our lifestyle and enjoy retirement in the home we’ve always cherished.”
Having their home and retirement finances secured through the CHIP Home Income Plan, Frank and Olive look forward to entertaining the next generation in their family home for years to come.