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

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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

mature-couple-looking-at-each-other-and-smiling-talking-about-interest-rates

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.

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modern-mature-woman-using-laptop-for-online-dating

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.

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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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Retirement Planning

happy-middle-aged-couple-reviewing-their-investments

Low-interest rates and low yields for traditionally “safe” investments often prompt investors to look for alternative options that can deliver more attractive returns. One alternative option is mortgage investments which can bring returns close to 10% or even higher. There are several types of mortgage investments, but in general, they involve pooling money from a large group of investors. That pooled money is then lent to people or organizations that can’t secure a mortgage from a bank or other conventional mortgage lender.

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elderly-couple-financially-ready-for-the economy

Taking care of your finances involves more than choosing the right investments. Often, it’s the small steps you take that will make a big difference to your financial health – cash flow management, keeping your expenses in check, sticking to a budget, having an emergency fund, and eliminating high-interest debt. With increased costs for everything from groceries to electricity bills, more than 55% of Canadians say they can’t keep pace with inflation. That’s why financial preparedness and establishing healthy financial habits are so important.

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retired-couple-happily-shaking-hands-with-a-financial-advisor

A popular choice among homeowners is to refinance a mortgage, which can often be a better option than a personal loan or line of credit. But what does it mean to refinance a mortgage? And is it the right choice for you? To help you decide, we take a look at the refinance mortgage meaning, the credit score needed to refinance a mortgage and lender refinance rates.

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Lifestyle

senior-woman-looking-at-the-an-ipad-and-smiling

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.

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joyful-senior-women-having-conversation

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.

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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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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

three-elderly-women-laughing-enjoying-their-company

Certain people retire because they’re worn out and want to put their feet up. Others for adventure and travel. Others build their own businesses. Still, others wish to help people. One of those is Kevin Waldbillig who launched his psychotherapist practice after a successful 20-year career in public education as a teacher and school administrator. He was in his mid-forties when he made the big decision. “I like being my own boss,”. Waldbillig’s personal approach helps his clients to become the best version of themselves. In tandem with his clients, his focus is to write a better story for their lives. He describes it this way: “clients move from thoughts to emotions to doing something about their thoughts and feelings.”

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Certain people retire because they’re worn out and want to put their feet up. Others for adventure and travel. Others build their own businesses. Still, others wish to help people. One of those is Kevin Waldbillig who launched his psychotherapist practice after a successful 20-year career in public education as a teacher and school administrator. He was in his mid-forties when he made the big decision. “I like being my own boss,”. Waldbillig’s personal approach helps his clients to become the best version of themselves. In tandem with his clients, his focus is to write a better story for their lives. He describes it this way: “clients move from thoughts to emotions to doing something about their thoughts and feelings.”

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Early retirement was all the rage, but even back then, while imagining an early retirement, I was concerned that I wasn’t suited to “doing nothing.” Entrepreneurship is a growing trend as baby boomers discover how rewarding a second career can be. A study by CIBC illustrates that the propensity to be self-employed increases with age. Between 15 and 54 years of age, wanting to start a business climbs slowly until it hits 64 years of age, and then the desire to be your own boss increases dramatically. This week I spoke to Allan Dale, who is firing on all cylinders as he grows his consulting business. For Dale, Freedom 55 translates into new careers, inspirational experiences and an active and successful life while ageing.

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The HomeEquity Bank Note

fraud-prevention

Staying fraud-smart is especially important for Canadians aged 55 and up. More than half of this demographic (52%) report being the target of an online scam in the past, and over a third (36%) have fallen victim to a scam. Canadians 55 and up are targeted by scammers for two main reasons: the perception they aren’t technologically savvy, and that they’re inherently trusting of others – vulnerabilities that can be all-too attractive to online fraudsters. And when you consider the following, that a staggering 12,252 online frauds totaling $75.5 million have already been reported in 2022, and a projected 60% of people over 45 will receive fraudulent emails by the end of this year, it certainly makes good sense to stay informed.

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Peter-mansbridge-Steve-Ranson-Age-In-Place-Part-ll

First, Mansbridge asked Ranson to describe what aging in place means. “That’s easy,” replied Ranson. “You get to stay in your house for as long as you wish.” Mansbridge suggested that most homes in Canada were built for more than two people, but now it appears that older Canadians want to stay in that same home. Ranson replied by saying, “I love my house. When my kids get married, I think about hosting receptions for them. Our home will always be where they can come back for family events, birthdays, Christmas, and other holidays.

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