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

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Reverse Mortgage

reverse mortgage debt consolidation

While living with debt can be tough at any age, living with overwhelming debt in your retirement years, without a steady income stream can be even tougher. A financial solution, such as a debt consolidation mortgage may help you roll all your high-interest debts into a single debt with manageable, lower interest payments.

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However, amid the economic uncertainty, banks are re-evaluating their HELOC policies, and considering amendments to their line of credit programs. In order to understand the reasons behind these revisions, let’s take a closer look at how things stand today. As early as mid-April 2020, one bank has already changed some rules for borrowers around using HELOCs as down payments on investment properties, while another bank has stopped accepting new HELOC applications temporarily.

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Retirement Planning

Home Equity For Retirement

Preparing for retirement is no easy task. While most of us look forward to the freedom it brings, a surprising number of us aren’t prepared financially. A national survey of Canadian pre-retirees found that 56% don’t have a plan for retirement savings. Even among those that do have a plan, almost a third feel that they’re falling behind.

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health insurance

Medical insurance options for early retirees are probably more attractive, given that they usually don’t qualify for any financial assistance before 65. Is it worth having private health insurance if you’re under 65 and spending thousands on prescription drugs? Probably, but again, it is important to do the math before signing up for any plan.

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Top financial concerns

However, the downside of retirement freedom is having to rely on a fixed income. If that income is inadequate, the retirement dream can soon turn into a nightmare. A national survey of Canadians aged 60-plus found that almost half of them have at least one financial concern.

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Lifestyle

How to Stay Safe at Home

We live in the times of COVID-19, a deadly disease that has brought almost the entire global economy to a standstill. Countries across the world have gone into a complete or partial lockdown, with individual provinces and cities also declaring a “State of Emergency”.

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Reverse Mortgage Videos

Kurt Browning

Joyce Wayne: Retirement Matters

Eating in restaurants

With each week of self-imposed isolation, I’ve come to realize how central restaurants are to my daily life, and daresay, to my well-being, let alone the joy of partaking in delicious food, which is, in and of itself a wondrous experience.

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long-term care in Canada

That day in May, geriatric experts proclaimed that the situation in long-term care facilities was a 20-year disaster in the making, yet it took a pandemic to expose it. Years of hidden neglect, overcrowding, unsanitary, cockroach infested conditions, not addressed by two decades of provincial governments, finally dominated the news, grabbing our attention while breaking our hearts.

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His findings erode the idea that older adults naturally grow uninterested and uninteresting as they age and that an inevitable lethargy sets in over time. According to Dr. Daniel, there are apparent “neurochemical changes that make older adults happier.” What he terms the ‘positivity bias’ or the tendency in older adults to see the good qualities in people and situations, makes for the happiest and often most productive adult demographic neurologists have studied

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The HomeEquity Bank Note

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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