The CHIP program is designed for Canadian homeowners age 55 years and older who want to live retirement on their terms.

If you’re like most Canadian homeowners 55+, much of what you own fits into two categories – the equity in your home and the money you have saved. It is likely that the value of your home has grown over the years and makes up a large portion of your net worth. While it is positive that your home has built value – this value is not accessible unless you decide to sell your home.

The CHIP Program allows you to access up to 55% of its value without having to sell your beloved home. And best of all, you don’t have to make regular mortgage payments until you eventually move or sell.

Additionally, the money you borrow is tax-free and it does not affect the Old-Age Security or Guaranteed Income Supplement (GIS) benefits you may be getting. As the homeowner, you are required to maintain your home and remain current on property taxes and homeowners’ insurance.

To recap, the CHIP plan is suitable for people who don’t want to move but would like to improve their monthly cash flow. With the CHIP Mortgage, you always remain on title and retain ownership and control of your home.

Are you self-employed and finding it difficult to arrange competitively-priced mortgage financing for your home?

There are plenty of benefits to being self-employed. While it takes hard work and determination,
the pay-off will be worth it in the end! Flash Financial can find you an ideal mortgage whether
you are a business owner or self-employed. We can help you finance your new home or leverage the
equity in your existing home.

If you’re planning to buy a house in the midst of building your business, there are some things you should know.
Applying for a mortgage while self-employed can be difficult, but we can help. Here’s what you need to know.

KEY TAKEAWAYS

For many newcomers, buying a home in Canada is an important step towards feeling settled.
Whether it’s competitive financing or advice to help you find the perfect neighbourhood,
we can help make your homeownership dreams come true.

• Getting a loan while self-employed may require paying higher interest rates, as lenders look to compensate for
  the lack of verifiable, steady income.
• Problems that self-employed individuals run into when trying to get a loan is that they use
  business expenses to reduce taxable income.
• Stated income/equity mortgages are loans based on what a borrower claims as their income.
• With no documentation loans, lenders don’t verify any income information, but the interest rate is usually
  higher than other types of mortgages.
• Self-employed borrowers can improve their prospects by increasing their credit score,
  offering a larger down payment, or paying down debt, among others.