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

Featured Articles

A Canadian senior couple using a reverse mortgage calculator to compute the loan amount due based on their home equity.

The Reverse Mortgage Calculator: Give This Convenient And Easy-To-Use Tool A Try!

Upon retirement, your home becomes one of your biggest assets in your financial portfolio.

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Senior couple checking reverse mortgage information online using a laptop in their house.

Reverse Mortgages in Canada: Do’s and Don’ts

Reverse mortgages are a financial product that allows Canadian seniors to access a portion of their home’s equity to bolster their retirement savings.

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Reverse Mortgage

african-american-senior-couple-using-mortgage-refinance-calculator

A mortgage refinance can be a useful financial tool, allowing homeowners to cash in some of the equity in their home and/or secure a considerably lower mortgage interest rate. Refinance mortgage calculators in Canada are really helpful when planning for this process. There are costs involved when refinancing a mortgage, so when you need to know if it’s worth it to refinance, a mortgage calculator can help, as well as being able to help you plan the best time to refinance your mortgage.

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Lines of credit in Canada are extremely popular: around three million Canadians have a home equity line of credit, while many more have a personal line of credit in Canada. So, what is a line of credit loan and why is it so popular?

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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-financial-planning-rrsp-to-rrif

As you approach retirement, all those years of contributing to RRSPs are finally going to pay off. However, you’ll need to start making arrangements to start withdrawing money from your savings rather than adding to them. To do that, you’ll need a complete understanding of why you have to convert your RRSP to a RRIF. Once you stop working, you’ll need a constant source of retirement income, and the money saved in your RRSPs will probably make up a considerable amount of it.

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senior-couple-looking-at-financial-documents

Sometimes, when you’re looking to buy a new home, not all of the real estate stars align. This is particularly the case in hot markets, when it can be hard to buy a new home or sell your old one.
This can lead to a situation where the closing dates for your old home and your new one are weeks or even months apart. When this happens, the best solution can often be bridging finance for a property purchase, or a bridge loan for a home purchase, as it is also known.

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senior-woman-filling-out-form

The Canada Pension death benefit is one of several benefits that the CPP provides to Canadians who contribute to the pension plan. The CPP death benefit is a one-time payment made to a CPP contributor’s estate after they’ve passed away. It’s important to know that you must make a CPP death benefit application in order to receive it, as CPP death benefits are not paid out automatically. In this article, we’ll cover everything you need to know about applying for CPP death benefit: who claims the CPP death benefit: CPP death benefit eligibility; how to apply for the CPP death benefit; how much is the CPP death benefit worth; and taxation of the CPP death benefit.

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Lifestyle

elderly-couple-using-modern-technology

Now technology provides the older generation with ever more inventions to make our days more pleasant, less lonely and more purpose-driven. There’s a new platform called Papa, which provides us with “family on demand.” According to its website, papa.com offers “a hand to help, a shoulder to lean on, an ear to listen –supporting elder adults and families with how and where they want to live: at home. Papa and our Papa Pals represent a new category of care, to quite literally meet our members where they are. With true help unbounded by the real limitations of today’s health care system. Papa is aimed at the social determinants of health, including loneliness and isolation, transportation access, technology and health care literacy, and more.”

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Since the Covid crisis in long-term care, our ideas of how best to age have altered dramatically. In fact, 93 percent of Canadians are now reporting that they plan to remain in their own homes for as long as possible, but we may be financially unprepared for a safe and comfortable retirement at home. The big question facing us is how to make aging in place a reality. During a recent webinar hosted by the Empire Club of Canada and sponsored by HomeEquity Bank, journalist and author Peter Mansbridge moderated a panel of red-letter experts on aging. It featured Bonnie-Jeanne MacDonald, Director of Financial Security Research at the National Institute on Ageing, Dr. Samir K. Sinha, Director of Geriatrics at Sinai Health System and the University Health Network and Laura Tamblyn Watts, CEO at CanAge.

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Although we remember little about de la Roche today, she was the celebrity writer of her time who travelled to Britain and America to promote her work and to represent Canada. She was also a single woman who lived with her cousin Caroline from the time they were children to the author’s death. Mazo experienced poverty and indifference in her younger years, and she experienced wealth and notoriety, as she grew older. She was prone to mental breakdowns and terribly sensitive. Although never married, Mazo and Caroline adopted two children and while living in the U.K., she became the only Canadian author received with open arms in Europe. During World War II, her novels about love and familial tradition in rural Canada appealed to a European readership tormented by war and upheaval.

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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

elderly-couple-using-modern-technology

Now technology provides the older generation with ever more inventions to make our days more pleasant, less lonely and more purpose-driven. There’s a new platform called Papa, which provides us with “family on demand.” According to its website, papa.com offers “a hand to help, a shoulder to lean on, an ear to listen –supporting elder adults and families with how and where they want to live: at home. Papa and our Papa Pals represent a new category of care, to quite literally meet our members where they are. With true help unbounded by the real limitations of today’s health care system. Papa is aimed at the social determinants of health, including loneliness and isolation, transportation access, technology and health care literacy, and more.”

Continue Reading..
Yvonne-Ziomecki-and-Peter-Mansbridge

Ziomecki has worked at HomeEquity Bank for eight years, expertly raising the profile of the company. She has helped to make reverse mortgages a trusted option for older Canadians and their families. She’s deeply committed to how a CHIP Reverse Mortgage can make life more prosperous, safer and more enjoyable for Canadians 55 years and older. She describes writing her book as an act of love. Home Run offers expert advice and reliable information to those looking for a secure, comfortable and gratifying way to age in place.

Continue Reading..

Since the Covid crisis in long-term care, our ideas of how best to age have altered dramatically. In fact, 93 percent of Canadians are now reporting that they plan to remain in their own homes for as long as possible, but we may be financially unprepared for a safe and comfortable retirement at home. The big question facing us is how to make aging in place a reality. During a recent webinar hosted by the Empire Club of Canada and sponsored by HomeEquity Bank, journalist and author Peter Mansbridge moderated a panel of red-letter experts on aging. It featured Bonnie-Jeanne MacDonald, Director of Financial Security Research at the National Institute on Ageing, Dr. Samir K. Sinha, Director of Geriatrics at Sinai Health System and the University Health Network and Laura Tamblyn Watts, CEO at CanAge.

Continue Reading..

The HomeEquity Bank Note

Yvonne-Ziomecki-and-Peter-Mansbridge

Ziomecki has worked at HomeEquity Bank for eight years, expertly raising the profile of the company. She has helped to make reverse mortgages a trusted option for older Canadians and their families. She’s deeply committed to how a CHIP Reverse Mortgage can make life more prosperous, safer and more enjoyable for Canadians 55 years and older. She describes writing her book as an act of love. Home Run offers expert advice and reliable information to those looking for a secure, comfortable and gratifying way to age in place.

Continue Reading..
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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