CHIP Reverse Mortgage: Featured Posts

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Reverse Mortgage

Older lady looking at paper and calculator
Reverse Mortgage

A Registered Retirement Savings Plan (RRSP) is a very popular way for Canadians to save for their retirement with some attractive tax breaks that help their savings and investments grow faster. RRSPs provide a considerable tax break whenever you make a contribution; every dollar you contribute reduces your taxable income by a dollar, so it could lead to a significant tax refund at the end of the year. Any amount you pay into an RRSP that is above that limit is considered an RRSP over contribution. The CRA treats RRSP over contributions seriously and you could end up having to pay a penalty, so it’s important to know how to calculate your RRSP over contribution and also how to fix an over contribution to an RRSP.

Continue Reading 10 min read
Elderly-couple-infront-of-their-home-scaled.
Reverse Mortgage

Reverse mortgages in Canada continue to grow in popularity, and there are a wide range of reasons why. Retirees who have no private pension or retirement savings can struggle to have a comfortable retirement with only the Canada Pension Plan and Old Age Security for income. Others want to stay in their home as they age but need to renovate it to make it more accessible, as their mobility becomes restricted. And some retirees want to have a more enjoyable retirement than their current retirement income allows. Many Canadian retirees are sitting on a huge asset — their home — and have little income or other assets. A reverse mortgage can be the ideal way to cash in some of their home’s equity to boost their retirement income.

Continue Reading 7 min read
How do you Pay Back a Reverse Mortgage
Reverse Mortgage

If you move out or sell your home, paying back a reverse mortgage will be your responsibility. If you die, the responsibility for paying back a reverse mortgage will be your heirs’ or your estate’s. Many people wonder, do you have to pay back your parents’ reverse mortgage if they die? If they are the mortgage holders and they left their home to you in their will, then you would have to pay off the reverse mortgage, because it can’t be transferred to another person. Another big advantage of a reverse mortgage is that, on the whole, the timing for a reverse mortgage pay back is up to you. You get to choose the best time for paying back a reverse mortgage, unless one of three things happens:
The last surviving mortgage holder dies, or you move out of your home, or you sell your home.

Continue Reading 10 min read
an-elderly-couple-playing-with-their-granddaughter-in-front-of-their-home
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
mature-couple-looking-at-each-other-and-smiling-talking-about-interest-rates
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
modern-mature-woman-using-laptop-for-online-dating
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
Turn your home equity into tax-free cash.
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Retirement Planning

Elder couple laughing with doctor outside
Retirement Planning

In a time of economic uncertainty and changing demographics, preparing for retirement is a top concern for people of all ages. A 2023 Fidelity Retirement Report addresses these concerns and offers strategies to relieve the stress of this important life transition. The Fidelity report reveals that 64% of pre-retirees are hesitant to retire due to these financial pressures, with 58% expressing concerns about not having saved enough. Navigating the complexities of retirement planning can be overwhelming, but seeking guidance from a financial advisor can make a significant difference. A key takeaway from the report is the transformative power of having a comprehensive financial plan. Developing a financial plan can be complex, but working with a financial advisor can simplify the process.

Continue Reading 4 min read
Daughter helping elder mother with hanging a painting
Retirement Planning

The landscape of retirement planning in Canada is evolving, demanding a more dynamic approach than ever before. Traditional strategies that were once relied upon are now challenged by several factors reshaping the retirement landscape. Firstly, Canadians are enjoying longer life expectancies, with retirement potentially stretching over two to three decades. Economic factors also complicate matters, with rising inflation rates and real estate markets becoming increasingly volatile, and affecting retirement strategies such as downsizing. In this dynamic environment, retirement planning is essential to ensure financial security and meet the evolving needs and aspirations of Canadian retirees.

Continue Reading 4 min read
Elder couple sitting on bench smiling outside of home
Retirement Planning

Your home equity is the value built up in your home – in other words, how much money you’d be able to get if you sold your home, less any outstanding mortgage. As mentioned before, this tends to be the most expensive asset most people own, and unlike other investments or assets you might have which can fluctuate with the markets, home equity tends to grow over time as your property value increases and as you pay down your mortgage. So, as a homeowner, how can you access this built-up money in your home to financially support your retirement?

Continue Reading 11 min read

Lifestyle

Older couple talking to advisor
Lifestyle

Every day scammers think of new ways to defraud Canadians out of their hard-earned savings and retirement fund through deceitful and hard to spot scams. It’s hard to quantify the amount that is lost specifically to fraud against the elderly, but in total the Canadian Anti-Fraud Center says that $554 million was lost to fraud in Canada last year.
So, why are there so many financial scams targeting the elderly? The people who carry out elder financial scams believe that they’re an easier target than younger people. While older people can be more trusting and less tech savvy, scammers specifically focus on targeting individuals with cognitive issues that may be more easily confused.

Continue Reading 10 min read
group-of-older-people-laughing-outside-together
Lifestyle

In the beginning, retirement is fun and feels pretty good for everyone. But, at some point, some retirees (not the comfort-oriented ones) will start to rebel against too much relaxation. You can sleep in or travel to all those places you dreamed about, but you know you can’t stay in vacation mode forever. It’s estimated that approximately one in three people will experience retirement shock soon after retiring, which are the same odds of a person getting shingles. The happiest retirees are the most prepared. They know what their strongest needs are and find activities that will satisfy them on a regular basis. They do not suffer from retirement shock, because they are excited by and focused on what they plan to do.

Continue Reading 4 min read
older-woman-considers-her-retirement-finances
Lifestyle

Michael Stein, author of “The Prosperous Retirement” came up with a concept of a three-phase retirement the phases being – The Go-Go years, the Slow Go Years, and the No-Go years. In their “go-go” years retirees are in good health and eager to catch up and do all of the things they didn’t have time to do when they were working. Eventually depending on the state of their health retirees will hit their “slow-go” years. They become less energetic and more sedentary which results in less spending. At some point people will enter their “no-go” years and they will experience a further slowdown in activity levels. You need to be prepared for a possible rise in medical costs and how much they will rise is anybody’s guess.

Continue Reading 4 min read
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Ambassadors

pattie-lovett-reid-sitting-in-a-chair
Pattie Lovett-Reid

Cyberattacks and fraud are escalating. In 2023, Canadians lost $554M due to fraud, with financial loss expected to cost almost $10.8 trillion globally this year. However, there has been a long-standing belief Boomers are more likely to fall prey than any other generation. But when it comes to falling for scams, every age group is equal. Baby boomers are no more likely than any other generation to fall for a scam. Here are a few basics to ensure you stay cyber-safe and avoid potential scams and scammers. These scammers have upped their game. And finally, if you feel you have released too much personal information, don’t be embarrassed or ashamed because it happens to smart and tech-savvy people all the time.

Continue Reading 4 min read
Elder man laughing with daughter
Joyce Wayne

Supporting older adults to age in their own homes and communities for as long as possible, commonly referred to as “ageing in place,” can help Canada’s already-strained LTC systems. Yet, doing so effectively also requires responsive systems and services that can enable what the NIA calls “Ageing in the Right Place.” Recognizing the growing importance of supporting older Canadians’ ability to age successfully while remaining engaged members of their communities, this report presents a practical definition and framework to understand what ageing in the right place (AIRP) is and what is required to make it work. It also highlights existing best practices and opportunities that can reduce unnecessary LTC home admissions and better support the implementation of successful AIRP policies and programs across Canada and beyond.

Continue Reading 7 min read
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