Canadian Home Income Plan Corp. and Dundee Wealth Management, have entered into a distribution agreement. Dundee financial advisors will now be able to offer the CHIP solution to their senior clients (over 60 years of age), while CHIP will benefit from Dundee’s considerable distribution reach and market expertise. The agreement is made through Dundee’s subsidiary, Dundee Mortgage Services Inc.

“The partnership we have formed with CHIP enables us to offer our clients yet another option to help them meet their specific life stage needs,” said James P. McClocklin, president of Dundee Mortgage Services Inc. “Dundee is committed to offering our clients solid investment advice and we feel that the CHIP Home Income Plan is a financially viable option for our clients who may want to access the equity in their home, while continuing to live in it.”

CHIP also recognizes the value in the arrangement with Dundee, particularly given the dynamic growth in the marketplace. As CHIP president and CEO, Steven K. Ranson, noted, “Today, Canadians over the age of 60 are the fastest growing segment of our population – with a projected annual growth rate of three per cent for the next ten years. They are choosing to remain independent and active and wish to maintain a standa of living that they’ve come to expect. At the same time, we have seen the financial challenges faced by seniors, particularly retirees, once they stop working and their income decreases. While home equity constitutes 77% of net worth for seniors who own their own homes, 84% of seniors are attached to their homes and cannot see themselves selling their homes in the near future. So accessing home equity is an attractive financial solution to a fast-growing number of Canadian seniors.”

“We view this new distribution agreement with Dundee as an important one for us and for the growth of our referral network. It will add to the borrowing and investment options Dundee financial advisors will be able to present to their clients. With a CHIP Home Income Plan, seniors are able to unlock the value in their homes and use the proceeds for investment, generating income, funding home renovations, or estate planning. We very much look forward to this venture,” Ranson added.