CHIP Reverse Mortgage: Featured Posts

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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
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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
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Reverse Mortgage

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.

Continue Reading 10 min read
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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?

Continue Reading 14 min read
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Reverse Mortgage

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.

Continue Reading 10 min read
Turn your home equity into tax-free cash.
No monthly payments!

Retirement Planning

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Retirement Planning

Two of the most common ways for Canadians to save for retirement are the Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA). Although there are key differences between RRSP and TFSA, both offer opportunities for tax-free savings growth. Should you save for retirement in an RRSP, a TFSA, or both? There are some important differences between an RRSP and TFSA – especially when it comes to taxation.

Continue Reading 9 min read
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Retirement Planning

Retirement Savings Plans (RSP) and Registered Retirement Savings Plans (RRSP) are sometimes used interchangeably, but there are important differences between RSP and RRSP. An RSP is a broad category that includes many different types of retirement savings accounts, of which an RRSP is one. What distinguishes an RRSP is that it is registered with the federal government and is designed to incentivize Canadians to save for their retirement by making RRSP contributions tax-deductible and allowing the investments in the plan to grow tax-free

Continue Reading 8 min read
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Retirement Planning

Old Age Security (OAS) can be a really valuable source of retirement income for Canadians. It’s a type of government pension that comes in the form of a monthly payment, which you can draw from the age of 65 (though you can delay receiving it until your 70th birthday). However, OAS comes with a recovery tax, or commonly known as Old Age Security Clawback. When retirement planning, it’s really important to know about the OAS clawback and how it can affect your retirement income.

Continue Reading 8 min read

Lifestyle

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Lifestyle

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.

Continue Reading 7 min read
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Lifestyle

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.

Continue Reading 5 min read
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Lifestyle

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.”

Continue Reading 8 min read
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Ambassadors

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Pattie Lovett-Reid

In recognition of Fraud Prevention Month, I recently joined HomeEquity Bank’s Senior Vice President and Chief Marketing Officer, Vivianne Gauci, for an Instagram Live to discuss the common scams affecting Canadians 55 and over and provide tips to protect yourself and your loved ones. Here’s what you may have missed! Canadians are increasingly the target of fraudsters and scammers. The Canadian Anti-Fraud Center (CAFC) reported a record-breaking $531 million lost to fraud in 2022. Even more worrisome? According to IPSOS research commissioned by HomeEquity Bank in 2022, over half of Canadians 55 and over report being targeted by scammers, with a staggering 36% report having fallen victim to a scam.

Continue Reading 5 min read
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Joyce Wayne

As we age, longevity becomes a big issue. We talk about it. Think about it and wonder what our latter years have in store for us. Like me, you probably didn’t consider how long you would live when you were 16 or even when you turned 30. Today, even The Washington Post looks at longevity from our point of view, so much so that it reports: “Our brains are built to change over our lifetime, meeting the challenges set by every life stage” and asks, “Do brains peak in childhood? Is it all downhill after 30? Can a 65-year-old brain keep up with an adolescent?” New research is discovering that the brains of older individuals have the potential for greater wisdom built from a lifetime of experience and learning.

Continue Reading 6 min read
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