CHIP Reverse Mortgage: Featured Posts

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Reverse Mortgage

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Reverse Mortgage

A reverse mortgage can be a good idea for Canadians 55+ who own their own home and are looking to meet their cash flow needs during retirement. A reverse mortgage can supplement government pensions and retirement savings and is often used to cover unplanned medical expenses, home renovations, living expenses, or to consolidate debt and reduce debt payments.

Continue Reading 10 min read
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Reverse Mortgage

Similar to conventional mortgage rates, reverse mortgages are offered with fixed or variable rate terms and are impacted by the actions of the Bank of Canada (BoC). Since the BoC raised its overnight interest rate for the third time this year, to 1.50%, on June 1, mortgage rates are no doubt on the minds of many homeowners. This is also true for Canadians with a reverse mortgage or those considering one.

Continue Reading 8 min read
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Reverse Mortgage

Detective Constable Kristin Thomas, has been with the Toronto Police Services for 23 years. She is an experienced fraud investigator working in the Financial Crimes Unit, Corporate Crimes Section. According to Constable Thomas, the fraudsters’ scams play to the victims’ loneliness –and with one thing leading to another, they develop into romance. To avoid falling into the elaborate traps set by these predators, Thomas suggests being extra careful about what you post online or how you word your profile. Most victims never even meet their predator face to face. If you think you are being scammed, Thomas suggests getting support from friends, family, or your doctor. it’s essential to look for the signs of fraud that Constable Thomas describes and learn how to quickly recognize these signs and reach out for help.

Continue Reading 5 min read
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Reverse Mortgage

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.

Continue Reading 10 min read
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Reverse Mortgage

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?

Continue Reading 14 min read
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Reverse Mortgage

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 10 min read
Turn your home equity into tax-free cash.
No monthly payments!

Retirement Planning

Financial Planning for Women Empowering through Financial Literacy
Retirement Planning

Over the course of many years, women have made great strides towards gaining gender equality. But there is one area that women continue to experience a significant gender gap. This is their involvement in their own financial planning and investment decisions. Both men and women believe that financial planning is a necessity for furthering gender equality. In a report entitled Gendered Financial Literacy – A Global Perspective, even though Canadians performed better than many other countries overall, there was still a significant gender gap. Approximately 78% of Canadian men were identified as being financially literate however this dropped quite substantially for Canadian women to around 60%.

Continue Reading 8 min read
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Retirement Planning

For many Canadians, aging in the right place means spending the golden years of retirement at home. However, staying in the home you love is closely tied to both your financial wellbeing and health, both of which are challenged by Canada’s shifting retirement landscape. In a recent report, Healthy Outcomes, the NIA noted “aging in the right place” means empowering older Canadians to make choices regarding their aging process and living environment given their personal preferences, circumstances, and care requirements.

Continue Reading 3 min read
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Retirement Planning

In this article, we look at the different retirement savings plans in Canada and discuss how much we should be saving for retirement and how long our retirement savings should last. There are many types of retirement savings plans available to Canadians. There are many factors that will affect how long your retirement savings will last. Despite our best intentions, we may sometimes fall short of our savings targets: Volatile markets, skyrocketing inflation, or large, unexpected expenses are just a few of the factors that can derail our retirement savings plans. The good news is there’s a safe and secure financial solution that can address your needs for greater financial freedom and cash flow in retirement: The CHIP Reverse Mortgage from HomeEquity Bank.

Continue Reading 11 min read

Lifestyle

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Lifestyle

Aging in place refers to the ability to live in your home safely, comfortably, and independently for as long as you are able. That means having access to the services, health care, and support you need to be secure and comfortable in your home. There are many advantages to aging in place. Being able to stay in your home keeps you rooted in your community and the memories you’ve made in your home. It also allows you to maintain your independence and not have to follow a mealtime or activity schedule. It often means being near family and friends. Engaging in the day-to-day activities that have provided meaning and fulfillment over the years can enrich your quality of life.

Continue Reading 10 min read
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Lifestyle

Every June, Canada celebrates Seniors Month and the contributions those over 55 make to communities across the country. This year’s theme is Stay Active, Connected, and Safe. We believe that all three of these goals play a key role in a happy and healthy retirement. Staying active is often considered the golden bullet when it comes to your health. Research shows that getting 150 minutes (5 x 30 minute sessions) of moderate intensity exercise throughout the week can reduce your chances of developing heart disease, stroke, type 2 diabetes, certain cancers, and osteoarthritis. And those are just the physical benefits. Mental health advantages include lower risk of depression, anxiety, stress, and even dementia.

Continue Reading 7 min read
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Lifestyle

Rachel and Martha decided to take retirement for a test drive. The women embarked on a journey of “Not Working,” while travelling for 95 days across America. It worked out so well that four years ago Martha and Rachel decided to retire —while in their late fifties. They started thinking about making environmentally conscious upgrades to their bungalow and arranged for a CHIP Reverse Mortgage. They both see the loan as a good investment in their home and a smart way to live the life they love.

Continue Reading 4 min read
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Ambassadors

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Pattie Lovett-Reid

Conventional wisdom tells us that older Canadian women are reluctant to talk about their finances because it’s “not polite.” However, HomeEquity Bank is working to smash this stigma and empower Canadian women 55+ to take charge of their financial future by encouraging them to ask the right questions and considering all the financial solutions available to them. While older Canadian women are often stereotyped as financially “vulnerable,” HomeEquity Bank’s research found that women reported improved financial wellness scores as they aged: 63% of older Canadian women reported a financial wellness score of 60+, compared to only 46% of younger women. If you fall into that camp, HomeEquity Bank’s new Financial Wellbeing tool is designed to help you get a measure of your financial wellbeing and provide you access to customized resources.

Continue Reading 4 min read
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Joyce Wayne

In the dead of winter, last January, my Zoom friends and I decided we’d travel to the Stratford Festival in early September 2023. It was an impromptu idea, born of short days and long nights, hunkering down inside our homes, waiting for the pandemic to pass us by. The friends, as I like to call them, have been friends for more than 50 years. We met in Ottawa back in the 1970s when we were beginning our adult lives. During the pandemic, we came together again online every Friday since March 2020, to discuss the week’s events and share our joys and sorrows.
Nine of us travelled to Stratford this September; it seemed like a continuation of our weekly Zoom calls.

Continue Reading 6 min read
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