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

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Reverse Mortgage

senior-couple-signing-line-of-credit-document

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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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-woman-working-on-documents

Unfortunately, most people only begin to ask what is a CPP survivor benefit at what is a very stressful time in their life, rather than preparing themselves beforehand. To put it simply, survivor benefit for CPP in Canada is a monthly payment that the government makes to the survivors of a CPP contributor after that person’s death. There are different types of CPP survivors’ benefits:

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senior-couple-working-out-their-finances

Most Canadians don’t receive the maximum CPP payment: in fact, the average monthly CPP payment in 2021 was just under $620. In this article, we’ll answer some of the most frequently asked CPP questions, including: what are CPP deductions, exactly, and how do they work; what is CPP tax; is CPP taxable income: what are EI and CPP maximum contributions; and what are self-employed CPP contributions?

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senior-couple-meeting-with-financial-planner

While RRSPs are undoubtedly a popular retirement savings vehicle for many Canadians (around two-thirds of us have one) many people are confused about how they work. As many as 30% of Canadians don’t understand RRSP tax rules, and 27% don’t know the difference between an RRSP and a tax-free savings account. So, what is an RRSP, how does an RRSP work, what happens when you withdraw from an RRSP, and what should you know about RRSP withholding tax (also known as RRSP withdrawal tax)?

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Lifestyle

beautiful-senior-blonde-woman-reading-book

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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senior-man-creative-artist-smiling

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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pensive-mature-woman-sitting-looking-out-the-window

Today I worry about other things. Not how I’m going to make it through the snow. Instead, how we’re going to get through another fall and winter of COVID. Even for the double vaccinated, the Delta variant poses some danger. Without vaccination, the chance of contracting the virus is growing. Although I prefer to write about active ways to plow through the loneliness and isolation of this strange moment in time, there is a part of my mind stuck on that snowy field in winter, frightened that I won’t make it to the other side. As the Italian author Natalia Ginzburg writes, the pessimistic me can give in to “the temptation to let her life go to pieces.”

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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

beautiful-senior-blonde-woman-reading-book

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..
senior-man-creative-artist-smiling

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.

Continue Reading..
pensive-mature-woman-sitting-looking-out-the-window

Today I worry about other things. Not how I’m going to make it through the snow. Instead, how we’re going to get through another fall and winter of COVID. Even for the double vaccinated, the Delta variant poses some danger. Without vaccination, the chance of contracting the virus is growing. Although I prefer to write about active ways to plow through the loneliness and isolation of this strange moment in time, there is a part of my mind stuck on that snowy field in winter, frightened that I won’t make it to the other side. As the Italian author Natalia Ginzburg writes, the pessimistic me can give in to “the temptation to let her life go to pieces.”

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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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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