For many Canadians over 55, winter is more than just a season—it’s an opportunity to travel, reconnect with family, and enjoy the freedom that retirement brings. Whether it’s a luxury escape to the Caribbean, a romantic European retreat, or a multi-generational trip to Florida with the grandkids, these experiences are deeply meaningful. But with rising travel costs and fixed incomes, funding them can be a challenge.
Fortunately, Canadian homeowners have a practical solution: the CHIP Reverse Mortgage, offered exclusively by HomeEquity Bank. This product allows retirees to access up to 55% of their home’s value—without selling or downsizing—making it easier to turn winter travel plans into reality.
Why Winter Travel Appeals to Retired Homeowners
Winter travel offers a unique blend of relaxation and connection. For couples, it’s a chance to celebrate milestones in warmer climates. For grandparents, it’s an opportunity to create lasting memories with grandchildren during school breaks. And for solo travellers, it’s a time to explore destinations at a slower pace.
According to Travelweek, multi-generational travel is one of the fastest-growing segments in Canadian tourism, with older adults often taking the lead in planning—and funding—these trips.
Winter Destinations Worth Exploring
Canadian retirees have a wide range of winter travel options, each offering distinct experiences and activities suited to different lifestyles and interests.
Florida
A long-time favourite among Canadian snowbirds, Florida offers warm weather, accessible flights, and a familiar cultural landscape. Retirees often choose destinations like Naples or Sarasota for their quiet beaches and walkable downtowns. For those travelling with grandchildren, Orlando’s theme parks—including Walt Disney World and Universal Studios—offer unforgettable experiences. Many Canadians opt for extended stays in rental condos or gated communities, enjoying golf, pickleball, and social clubs.
Mexico
All-inclusive resorts in Cancún, Puerto Vallarta, and Los Cabos provide a seamless vacation experience for couples and families alike. These destinations offer beachfront relaxation, guided excursions to Mayan ruins, and vibrant local markets. For retirees seeking wellness, many resorts now include yoga, spa treatments, and healthy dining options. Mexico’s popularity among Canadians continues to grow, supported by direct flights and favourable exchange rates.
The Caribbean
Destinations like Barbados, St. Lucia, and Antigua offer a more luxurious escape. Couples often enjoy boutique resorts, sunset cruises, and cultural festivals. For those travelling with family, many resorts offer supervised kids’ clubs and multi-bedroom villas. The Caribbean’s slower pace and warm hospitality make it ideal for retirees looking to unwind and recharge.
Europe
While winter is off-season in much of Europe, it’s a perfect time for cultural exploration. Portugal and Spain offer mild weather, historic cities, and rich culinary traditions. Retirees can enjoy guided walking tours, wine tastings, and museum visits without the summer crowds. River cruises along the Danube or Douro are also popular, offering scenic views and curated experiences tailored to older travellers. The Canadian Government provides up-to-date information on entry requirements and safety tips.
Western Canada
For retirees who prefer to stay closer to home, destinations like Whistler, Banff, and Jasper offer stunning winter landscapes and family-friendly activities. Skiing, snowshoeing, and hot springs are popular among active grandparents travelling with grandchildren. Many resorts offer packages that include lessons and equipment rentals, making it easy for all generations to participate.
How the CHIP Reverse Mortgage Can Help
The CHIP Reverse Mortgage offers a way to fund these experiences without dipping into retirement savings or selling investments. Unlike traditional loans, it doesn’t require monthly payments. The loan is repaid only when the homeowner sells or moves out of the home.
Here’s how it works:
- Access Your Home Equity: Homeowners 55+ can unlock up to 55% of their home’s value.
- Use Funds Freely: There are no restrictions—use the money for travel, gifts, or even upgrading your winter wardrobe.
- No Monthly Payments: You retain ownership of your home and repay the loan only when you move or sell.
Even a modest draw from available equity can provide the flexibility needed to plan a meaningful winter getaway, whether it’s a relaxing escape for two or a family adventure with grandchildren.
To explore your potential eligibility, use our free calculator to see how much tax-free cash you could access.
Is a Reverse Mortgage Right for You?
The CHIP Reverse Mortgage is designed specifically for Canadian homeowners aged 55 and older. It’s a safe, regulated product backed by the federal government and overseen by the Office of the Superintendent of Financial Institutions.
If you’re considering a winter vacation and want to avoid liquidating assets or increasing your ongoing debt payments, this could be a practical solution. Learn more about when a reverse mortgage makes sense and whether it fits your financial goals.
Final Thoughts
Winter vacations aren’t just about escaping the cold—they’re about creating memories, celebrating life, and enjoying the freedom retirement brings. With the CHIP Reverse Mortgage, Canadian homeowners can fund these experiences without compromising their financial security.
To get started, speak with one of our Mortgage Specialists or explore your options online. Your dream winter escape could be closer than you think.
