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CHIP Reverse Mortgage: Resources to Help You Make the Right Decision

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Reverse Mortgage

senior couple hugging in front of home

A home equity reverse mortgage is a loan secured against your home and is available to Canadian homeowners aged 55-plus. For a reverse mortgage, home equity is an essential component, because the amount of equity will determine the size of the reverse mortgage home equity loan available to you. A reverse mortgage home equity loan allows you to cash in up to 55% of your home’s value but included in that 55% will be any loans you already have against your home, which will be paid off by the reverse mortgage.

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Retirement Planning

Senior Asian couple filling out a Guaranteed Income Supplement (GIS)

What is GIS in Canada for? It is designed to help Canadian retirees who have a low income. Retirees who qualify for GIS in Canada receive their first payment the first month after their 65th birthday. The OAS and Guaranteed Income Supplement in Canada are closely connected: you won’t receive any GIS in Canada if you don’t also receive OAS.

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Senior man working on a laptop for RRIF withdrawal

Inheritance tax in Canada does not exist as such, nor is there Canadian inheritance tax on property, however some taxes usually have to be paid when someone passes away. So, is inheritance taxable in Canada? It can be, but it is not the heirs who will pay it. Let’s take a closer look at Canadian inheritance tax law.

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Thoughtful middle aged senior woman reviewing inheritance tax document

Inheritance tax in Canada does not exist as such, nor is there Canadian inheritance tax on property, however some taxes usually have to be paid when someone passes away. So, is inheritance taxable in Canada? It can be, but it is not the heirs who will pay it. Let’s take a closer look at Canadian inheritance tax law.

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Lifestyle

happy senior couple canoeing on lake

It might seem too good to be true but after a very long pandemic, the summer vacation booking horizon is beginning to clear, and Canadians are starting to explore summer getaways once again! As more and more people receive their second dose of the vaccine, many households have begun their summer vacation 2021 planning. As we all prepare to get back to our pre-pandemic normal there are still some COVID-19 considerations that need to be made as we explore our summer vacation ideas. Luckily, we are not in this alone and the travel industry is excited to welcome everyone back for a well-deserved summer vacation 2021.

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Senior couple eating at restaurant

After staying at home for 16 months, I became accustomed to this other routine. I slept in every morning, stayed up very late every night, and depended on grocery or restaurant curbside pick-up for food and meals. In certain ways, I became leery of other people. All this wearing of masks and keeping six feet from others helps us to stay healthy. Still, it does have surprising psychological effects too. Now, like me, you might be thinking of expanding the reach of your daily activities, and you’re not precisely certain how to do that. If you’re single and living on your own, you might be considering jumping back into the dating pool.

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senior couple hugging in front of home

A home equity reverse mortgage is a loan secured against your home and is available to Canadian homeowners aged 55-plus. For a reverse mortgage, home equity is an essential component, because the amount of equity will determine the size of the reverse mortgage home equity loan available to you. A reverse mortgage home equity loan allows you to cash in up to 55% of your home’s value but included in that 55% will be any loans you already have against your home, which will be paid off by the reverse mortgage.

Continue Reading..

Reverse Mortgage Videos

Kurt Browning

Kurt Browning holding a dog on a couch

Kurt Browning, a Canadian figure skater and the celebrity spokesperson for HomeEquity Bank, partners with his dog to describe the benefits of a CHIP Reverse Mortgage and how it can help you retire in the home you love.

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HomeEquity Bank commercial still of Kurt Browning sitting on a bench

Kurt Browning, a Canadian figure skater and the celebrity spokesperson for HomeEquity Bank returns to tell you more about the CHIP Reverse Mortgage.

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Joyce Wayne: Retirement Matters

Senior couple eating at restaurant

After staying at home for 16 months, I became accustomed to this other routine. I slept in every morning, stayed up very late every night, and depended on grocery or restaurant curbside pick-up for food and meals. In certain ways, I became leery of other people. All this wearing of masks and keeping six feet from others helps us to stay healthy. Still, it does have surprising psychological effects too. Now, like me, you might be thinking of expanding the reach of your daily activities, and you’re not precisely certain how to do that. If you’re single and living on your own, you might be considering jumping back into the dating pool.

Continue Reading..
Doctor giving senior woman second dose vaccine for Covid virus

As increasing numbers of Canadians line up to receive a second jab and more older Canadians have already been double vaccinated, the time has come to emerge from our pandemic caves. After 16 months of social isolation and near-total reliance on digital media to connect with others, our moment has arrived. As an organized person, who relies on my calendar and checks it frequently throughout the day, I’m beginning to plan. For me, planning is half the fun of doing. If the data is correct, at two to three weeks out from my second shot, I’ll be able to do much more than I can today.

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The HomeEquity Bank Note

Jayne Eastwood as Doris in conversation stopper

Each commercial finish with the same inspiring comment: “Retire in the home you love, with a CHIP Reverse Mortgage.” The commercials use humour to get across some serious points: Canadians are living longer, they’re not frail and dependent, Canadian retirees know their own minds and they won’t be told what to do, and finally, that downsizing isn’t for everyone.

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How it Works?

How Reverse Mortgages Work

If you're like many other 55+ Canadians, much of what you own fits into two categories - the equity in your home ...

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Reverse Mortgage Videos

Reverse Mortgage Videos

Watch these videos from HomeEquity Bank and learn more about CHIP Reverse Mortgage

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