How to QualifyPayment Options and Set Up Costs

Flexibility in Payments

  • Unlike a typical equity loan or line of credit, there are no monthly payments

  • There are no income or health qualification requirements

  • You have complete flexibility in deciding how the funds are advanced, and how they are repaid

  • You are not affected by any increase in financial or health care expenses, or the passing of a spouse. With your CHIP, there is no change, and you or your spouse can continue to live in the home for as long as desired.

  • You can opt to make interest payments and clients who pay their full annual interest receive an interest rate discount of 0.50% on their next discount review date.

Set Up Costs

  • Home appraisal-typically $225 to $300

  • Independent Legal Advice-$200-$400

  • Closing and Legal Costs - $1,495 which are deducted from the CHIP home income plan funds – therefore, not an out of pocket expense.

  • All of the above are one time fees. There are no annual fees, service charges, etc.

 

To begin the process it is as simple as calling 1-888-236-8861, sending us an e-mail, or filling in our online application so that we may contact you.