Chip Home Mortgage – A chance to release your equity without selling your home or making mortgage payments.
Buying a first home in Edmonton or anywhere in Canada is difficult today. Lots of young people need some help with their down payment
With the average house price in Edmonton at $558,000 for an average single family home, the minimum downpayment is $30,800. That means monthly payments would be about $2,900 per month, plus taxes and utilities.
I have had several clients in the past few months with large down payments that were gifted by their parents. The parents helped these young families buy the right home for their needs. One family was single income with 2 small children and they were able to buy a home that will accommodate their needs for a very long time as opposed to a very small home or a condo.
And this is just one way that you can use the Chip Mortgage program. The CHIP Mortgage Program can help you unlock the value of your home and give you access to tax-free cash, with no required monthly payments. Here are just a few ways it can make a difference in your life:
- Boost cash flow: Supplement your monthly income so you can comfortably cover everyday expenses like groceries, utilities, and hobbies.
- Take a vacation: Finally book that dream trip you’ve always wanted, whether it’s a relaxing beach getaway or visiting family across the country.
- Maintain your lifestyle: Keep enjoying the activities and comforts you love without worrying about financial strain, like dining out, attending events, or staying active in your community.
- Pay down debt: Eliminate high-interest debt, like credit cards or personal loans, to free yourself from monthly payments and reduce stress.
- Handle unexpected expenses: Be prepared for life’s surprises, whether it’s home repairs, medical bills, or emergency costs.
- Build a financial cushion: Create a safety net for the future, giving you peace of mind knowing you have funds available when you need them.
The bottom line? The CHIP Mortgage Program gives you access to cash with no tax implications and no required monthly payments, so you can live your life with greater financial freedom.
Robert Harden
Compass Mortgage Group
Want to learn more? Contact Roberta Harden:
- Call 780-909-2265, or
- Visit her website – https://robertah.brokersites.ca/#contact
Watch our Events Calendar for presentations on Navigating the Downsizing Decision, where Roberta will be one of our guest speakers.
