You were wise with your money. You saved for your first car and your first house.  You used debt sparingly and lived within your means. You helped your children when they needed it and diligently saved for your retirement. The Chartwell Payment Options Program (POP) is designed to reward your financial prudence by preserving those savings. Read on and we’ll tell you how each payment option works.

POP 1

The first payment option fixes the monthly rate for as long as you live with us. The rate will start higher than the established monthly rate on a given suite but once you fix the rate, it will never increase. If you stay with us for two years or twenty years, the rate will never change.  

POP 2

The second payment option allows you to “purchase” a monthly rate that works within your budget. Determine the amount that you would like your monthly rate to be and Chartwell will calculate the amount we require upfront in order to meet that rate. This new, affordable rate will be subject to the annual rent increases established by the residence.

POP 3

The third payment option is for those who want to choose their monthly rate and who also want that rate held forever. As in POP 2, you determine the amount that you would like your monthly rate to be and Chartwell will calculate the amount we require up-front in order to meet that rate. The up-front lump sum payment will be slightly higher than in POP 2, but the monthly rate will never increase so long as you are a resident.

POP 4

The fourth payment option is for those who have sold their home and are looking at options for investing the returns of that asset. This option invests the money in your Chartwell suite to give you the lowest monthly rate possible. While you are with us, you’ll enjoy a monthly rate that is extremely affordable and when you leave, 90% of the original investment will be returned to you.

 

Programs 2, 3 and 4 are structured as a right to occupy.  In the agreement that you will enter into, you purchase the right to occupy your unit for a set fee which serves you with a more affordable monthly rate.  By tapping into only a small portion of your savings and setting the monthly rate at a level that better meets your pension and interest income your savings are protected, thereby helping to ensure you never run out of money.

 

Payment Option Programs are set according to your care and service needs when you move to one of our retirement communities. Should your care needs increase over the length of your stay, those costs will be accounted for separately as they would be in our regular monthly fee program.

Click here for Frequently Asked Questions about our POP program.

* Available in Ontario only. Conditions apply.