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

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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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

mature-couple-happy-with-line-of-credit-eligibility

A line of credit is one of the most flexible and popular of all loan options in Canada. Over three million Canadians have a home equity line of credit – and this doesn’t include personal lines of credit. Getting a line of credit is not always a simple matter, however. We explore how to get a line of credit in Canada, including: line of credit qualifications; how to get a pre-approved line of credit; line of credit requirements; and how to get approved for a line of credit.

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mature-couple-happy-with-early-retirement-with-cpp

Many Canadians start drawing from the Canada Pension Plan as soon as they possibly can. According to Stats Canada, 44% of people who are eligible choose CPP early retirement at age 60, the earliest age possible. In fact, 98% of Canadians either take CPP at 65 or decide to take early CPP withdrawals. But is claiming CPP early a wise move? Given that almost 90% of Canadians will rely on CPP to cover at least some of their retirement costs, it’s important to get it right regarding whether to take the CPP early retirement pension or delay drawing it. Both strategies have their advantages, but it’s important to know which is right for you.

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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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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

 It’s been weeks since Queen Elizabeth passed away, yet I find myself thinking about her more than I expected and with increasing admiration. I’m curious if others feel the same way I do: that the Queen was a fixture in my life, indomitable and reliable. She became Queen when I was an infant. As Prime Minister Trudeau remarked, “she was Queen almost half of Canada’s existence.’’ Her many appearances here and throughout the Commonwealth marked the coming to adulthood of a generation of Canadians who observed the marriages, divorces, missteps, and follies of her children and now her grandchildren, all the while mirroring shades of our private dilemmas and family divisions. As the Queen and her children aged, we grew older and possibly wiser, along with her.

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senior-woman-leading-a-meeting-with-pride

Challenge Factory focuses on what Taylor calls “talent as equity,” which challenges the typical premise that “people are a company’s greatest assets.” What’s impressive is talent equity replaces the concept of approaching employees as assets, acquired for a price and depreciated over time. Instead, Taylor’s idea is to consider employees as an appreciating asset, as “people equity.” When career and talent programs assume that after employees leave there is no on-going value relationship, older workers and retirees are simply discarded. Instead, Taylor suggests seeing them as alumni or even better, providing opportunities for later-life career changes that leverage experience, while reducing management responsibilities.

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I don’t believe there is anyone, anywhere who wants to pay more for their groceries this month than they did the month before. But that’s what is happening in Canada as inflation reached a high of 8.1 percent in June, with food inflation rising to a hefty 9.2 percent in July. The Bank of Canada’s interest rate is at 2.5 percent – with the most significant raise in 20 years. The big banks’ prime rate is 4.7 percent. What’s a retired person on a fixed income to do? I realized that the best option is to try to stick to a financial plan, not dwell on the inflationary prices at the check-out counter, and recognize that older Canadians remain in a privileged position compared to younger folks.

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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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