17 September 2010
Moreover, a few years ago, Mark borrowed money for a car purchase. And in the light of such low rates they decided to help their daughter with her post-graduate studies and use their credit.
As a result, they understood Mark would have to work till all the debts are paid off. And it could last for years, so their dreams about happy common retirement were going to fail.
That’s why Jessica and Mark consulted a mortgage broker, who recommended another good way out – CHIP Home Income Plan. It’s a reverse mortgage, which allows seniors 60 years or older to turn up to 40% of their home equity into tax-free cash. Another good thing is that no additional payments are required until you decide to sell it or move.
The CHIP solution was the best variant for Jessica and Mark – it’s just what they were searching for. In the end, they paid their debts and, according to their mortgage broker, till the time they decide to sell their house, they’ll have at least 50% of equity in it. So their present and their future are finally secure.
“It’s obvious that this plan saved my retirement, otherwise I would have to work till I’m 70 or older”, – says Mark. “It was our dream to give our kids the best start in life – the good education! And I’m very glad we don’t have to give up our retirement to do it”.