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

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-couple-filling-out-oas-application

As Canadians approach 65, it’s really important that they fully understand all of the retirement income that may be available to them. Many Canadians have a company pension and/or RRSPs, and many more also qualify for the Canada Pension Plan. However, not all Canadians know much about Old Age Security (OAS): whether they qualify for it, and if so, how much they’re likely to receive. Many are also unaware that they may have to apply for OAS online or on paper: receiving it is not always automatic. We take a look at why OAS might be important to you, the situations where you could have to apply for OAS, and how to submit an old age security application form.

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With close to two-thirds of Canadians having no company pension plan, it’s more important than ever for Canadians to grow their own retirement savings, so that they have additional income to supplement their CPP and OAS when they retire. Registered retirement savings plans (RRSPs) provide an effective way for Canadians to do just that. An RRSP is a government-registered, tax-deferred plan that allows you to save your money faster. Any increases in your savings — including interest, dividends, yields and capital gains — will grow tax-free.

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Taxing home equity in Canada stems from the tax laws on capital gains. Capital gains are profits from selling an asset, such as a property or financial investments. Do you have to pay taxes on home equity? The confusing answer is yes… and no. You do have to pay taxes on home equity when you sell a property that is not your primary residence (where you live most of the time) and it has increased in value since the time you bought it. The amount of taxes on home equity payouts of this type will depend on your other income that year and your tax bracket.

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Lifestyle

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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If you’re looking at new ways to stay healthy as you age, exploring creativity could add a fresh touch to your daily routine. Researchers are discovering that it’s not only our body that needs to exercise, but our brain, too. For people like me, who lived in dread of gym class, creativity became my way of coping with feelings of inferiority at school. Everyone was focused on how efficiently they could make it over the gym horse without embarrassing themselves, or playing a sterling game of basketball. To be honest, I couldn’t do either. But I did find solace in reading, singing, theatre and eventually writing.

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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

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..

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..

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.

Continue Reading..

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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