/24-7PressRelease/ - EDMONTON, AB, CANADA, July 20, 2008 - "We're thrilled to be bringing more flexible mortgage options to Canadian Seniors with the introduction of Horizon Equity," said Gordon McCallum, President of First Foundation. "The combination of First Foundation's mortgage experience, and the fantastic Canada Reverse Mortgage product from Canadian Home Income Plan, gives us a real competitive edge in this market."
A Horizon Equity Reverse Mortgage, through the Canadian Home Income Plan (CHIP), offers Canadians over sixty the ability to access up to 40% of the equity in their home tax-free. The equity can be used to eliminate other debts, invest, enjoy a higher quality of life, or even enjoy the benefits of sharing an early inheritance with children and grandchildren. The choice of how to use the funds is completely up to the homeowner. Even more exciting is the fact that, under this plan, borrowers who access their equity never have to make a principal or interest payment until they choose to sell the home and the home remains theirs to do with as they wish.
"The monthly cash savings to a typical homeowner can be substantial under this program," said McCallum. "We know that there are many Canadian Seniors who struggle with their monthly bills and having very little left at the end of the month to enjoy their retirement. The Horizon Equity CHIP Reverse Mortgage can really improve their monthly cash flow and help them to enjoy retirement without added financial pressure. Another exciting feature of this product is the fact that homeowners sixty and over qualify on their age and home ownership, and don't need to qualify based on their income or credit."
Interested Canadian seniors can find out more about Horizon Equity and its reverse mortgage offering by visiting http://www.horizonequity.ca.
For further information contact:
Gordon McCallum, B.Comm, AMP
President & CEO
First Foundation Inc.
780-702-7678 ext. 303
About First Foundation
First Foundation Residential Mortgages was founded in 2002 in Edmonton, Alberta as a response to growing consumer demand for more competitive mortgage options. The Edmonton mortgage company originates mortgages for many of the largest financial institutions in Canada, including several chartered banks, trust companies, mortgage-backed securities lenders, and credit unions. First Foundation specializes in reducing the overall cost of mortgages for its clients with highly competitive rates and mortgage strategies, such as the popular Smith Manoeuvre. http://www.firstfoundation.ca
About CHIP
Canadian Home Income Plan is an established and leading provider of simple and sensible financial solutions for seniors over 60 years of age. Founded in 1986, CHIP has helped thousands of Canadians access the equity in their homes to improve cash flow. Recognized as the industry leader in home equity lending to seniors, CHIP has a well-established distribution network, including national chartered banks, credit unions, mortgage brokers, and investment and financial planning firms. CHIP is a wholly owned subsidiary of Home Equity Income Trust (HOMEQ). HOMEQ is listed on the Toronto Stock Exchange (TSX) under the symbol HEQ.UN.
About First Foundation
First Foundation Residential Mortgages is a licensed mortgage broker in the province of Alberta. Our head office is in Edmonton. First Foundation has been serving the needs of property owners and buyers since June 2002.
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