Agreement enables Multi-Prêts to offer CHIP solution to senior customers
TORONTO, June 10 /CNW/ - Canadian Home Income Plan Corporation (CHIP)
today announced that it has signed an agreement with Multi-Prêts, Quebec's
leading mortgage broker, which will extend CHIP's home equity lending solution
to Multi-Prêts senior customers over 60 years of age.
Leading reverse mortgage provider for over 20 years, CHIP provides
seniors with access of up to 40 per cent of their home's value in tax-free
cash with no income, credit or medical qualifications. By turning home equity
into cash, CHIP's simple and sensible financial solution enables seniors to
enhance their monthly cash flow. They can then choose to pay off outstanding
debts or make new investments to generate additional monthly income.
The new partnership with Multi-Prêts will further CHIP's reach to seniors
in Quebec through the mortgage broker's well established branch network. The
expansion of CHIP's referral network comes on the heels of a major expansion
of CHIP's sales and relationship management team, as well as establishment of
a new regional head office in Montreal.
"Our agreement with Canadian Home Income Plan will enable us to provide
clients who need more income in retirement with a viable option that
supplements their cashflow and allows them to enjoy life on their terms" said
Pierre Martel, AMP, President & CEO, Multi-Prêts hypothèques. "As the largest
mortgage broker in Quebec, Multi-Prêts is a trusted source for a variety of
mortgage-related products. We're excited to partner with CHIP and now be able
to offer customers over 60 with a product solution specifically designed to
meet their needs."
With a CHIP Home Income Plan, seniors gain long-term financial security
while still maintaining ownership of their home with no regular or monthly
payments required until the home is sold or if the homeowners move out.
"By working in association with a mortgage broker, such as Multi-Prêts,
seniors are able to see the application of a home equity solution in many
different ways" said Eric Bisaillon, General Manager, Quebec and Atlantic
Provinces, CHIP Home Income Plan. "Seniors can use the extra cash toward home
maintenance, paying bills and expenses associated with owning the home, or
realizing their retirement lifestyle goals. The CHIP solution is flexible, so
it can easily fit into a personalized financial plan."
"The agreement with Multi-Prêts is a very important one for us as it
further strengthens our position in Quebec," added Bisaillon. "We recognize
the value of this partnership given the dynamic growth in the Quebec
marketplace, and we believe it will add to the options Multi-Prêts' mortgage
brokers can present to senior clients, and help them to effectively broaden
their client base."
About Canadian Home Income Plan
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 Multi-Prêts Mortgage Broker
Founded in Montreal in 1981, Multi-Prêts Hypothèques, with its 38
employees and 480 agents, generated more than 22 million ($) of revenue in
Quebec in 2006. For that same year, about (20) thousand mortgage transactions
were completed by Multi-Prêts Hypothèques, totaling over 2.5 billion ($) in
loans, making us the biggest Mortgage Broker in Quebec.
For further information:
For further information: Arthur Krzycki, Director, Channel Marketing,
CHIP Canadian Home Income Plan, Tel: (416) 413-5182, firstname.lastname@example.org; Buket
Oktem, MAVERICK Public Relations, Tel: (416) 640-5525 ext. 223,