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

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Pattie Lovett-Reid
Chief Financial Commentator, HomeEquity Bank

Pattie brings a wealth of financial experience and media savvy to the role of Chief Financial Commentator from her time as Senior Vice President at TD, as a regular guest on BNN Bloomberg and as host of the Pattie-Lovett Reid Show on CTV.

In 2007, Pattie received the Canada’s Most Powerful Women: Top 100 Award in the Trailblazers and Trendsetters category. In 2009, she was recognized with the Donald J. Johnston Award for her outstanding contribution to the profession of financial planning. Pattie is passionate about informing and educating Canadians 55+ about options in retirement, lifestyle and finances.

Pattie Lovett-Reid Chief Financial Commentator

Pattie-Lovett-Reid-Standing-and-Smiling-In-Red-Outfit

Not everyone enjoys managing their money and, like me in the kitchen, are making mistakes that could prove costly. You can’t change the past, but you could learn from these mistakes and refocus your efforts going forward. November is Financial Literacy Month and here are the top 10 financial lessons I’ve learned in life: 1) Sitting on cash for too long. In today’s environment, having cash on hand is a good thing and taking a cautious tone when it comes to investing is prudent. However, your return on this investment, even in a rising interest rate environment, is minimal when factoring in taxes and inflation.

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Pattie-Lovett-Reid-Talking-About-Millionarie-Mentality-In-Retirement”.

It has been tough to watch your portfolio crumble with stocks and bonds all headed lower, inflation remaining stubbornly high, and central banks all around the globe raising interest rates. And while you have zero control over how the markets will perform, nor can you single handily beat down inflation. Even if you think the Bank of Canada may overshoot on interest rate increases. Once again, that is out of your control.

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Pattie-Lovett-Reid-standing-and-smiling-in-black-suit

Despite the current state of the housing market – rising mortgage rates and low supply – the dream of homeownership is still very much alive for Gen Zs and Millennials. 68% of those between the ages of 26 to 41 say buying a house is an important life goal. The question is, when will they be able to do it? For the past 6 months, home sales have edged lower according to the Canadian Real Estate Association (CREA), Given all the potential variables challenging the current environment, the harsh reality remains that, unless they have a substantial amount of money saved or can withdraw from the Bank of Mom and Dad, it is going to be near impossible for a young first-time buyer to buy a home.

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PLR-leaning-on-desk-compressed

On October 1st, 2021, HomeEquity Bank called on Canadians to retire the word “senior” which is a big reason why I joined the company. Calling someone a “senior” can create a limiting belief for some that has negative connotations that hold them back from living their life to the fullest. I dislike the word senior as much as the ‘anti’ in anti-aging. I feel senior is seen in a negative way, as old, slow, fragile etc. rather than wise, knowledgeable. If you are 55+ you have a lot of life ahead of you. You also have the opportunity to embrace it without a label associated with it and live your best life to the fullest.

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education-the-gift-that-keeps-on-giving

There is so much as grandparents we want to pass along to our grandchildren. To be honest, we would love to give our grandchildren the world but clearly, we can’t and clearly, we shouldn’t, even if we could. However, what we can do is try to open the world of possibilities for them by helping to fund a post-secondary education. But it isn’t cheap. Based on data provided by Statistics Canada, the average cost of a four-year university degree starting in 2022 is $96,004 for students in residence or $48,074 for students opting to live at home. The escalating costs led us to save early and contribute often not only for our children but our grandchildren, as well.

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Pattie-lovett-reid-talking-about-the-importance-of-education

If there is a product in the financial services arena that people seem to universally dislike, it appears to be the reverse mortgage. I seriously don’t know why. What I do know, is that given the aging population, our love affair with real estate, the high levels of debt and the need to fund retirements, this product may be really hitting its stride. If you are over the age of 55 and you need or want access to capital, a CHIP Reverse Mortgage might be the answer. Unlike traditional mortgages there are no monthly mortgage payments, you can spend your money from your home as you like and it is tax-free. Repayment is only required if you move or sell and it should be noted you retain full ownership of your home.

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5-strategies-to-help-you-fight-back-against-inflation

If you are a nervous investor right now, I get it. The economy has hit a bumpy patch. The potential is there for slower growth, higher inflation, maybe a recession, and clearly, we are in an environment where interest rates are rising. Investors fear these risks could lead to lower corporate profits and volatility in the market. The good news, markets have shown early signs of stabilizing after bouncing back from their current lows. Unfortunately, the market doesn’t wave a “white flag” to indicate the worst is over. However, what we do know is that stocks prices tend to move, not only when there is good news, but even before that, when the news is better than investor expectations.

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If you are a nervous investor right now, I get it. The economy has hit a bumpy patch. The potential is there for slower growth, higher inflation, maybe a recession, and clearly, we are in an environment where interest rates are rising. Investors fear these risks could lead to lower corporate profits and volatility in the market. The good news, markets have shown early signs of stabilizing after bouncing back from their current lows. Unfortunately, the market doesn’t wave a “white flag” to indicate the worst is over. However, what we do know is that stocks prices tend to move, not only when there is good news, but even before that, when the news is better than investor expectations.

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Setting the record straight on the CHIP Reverse Mortgage

Let’s set the record straight on the CHIP Reverse Mortgage – this product isn’t for everyone, but it might be the right product for you. When I announced that I was joining HomeEquity Bank as their Chief Financial Commentator, I was filled with excitement and pride to be sharing the news, but I have to admit, I was a little nervous about the potential push back from my network. Let me tell you why. In September 2019, Yvonne Ziomecki, HomeEquity Bank’s Executive Vice-President, asked me to meet her for coffee to share her vision and passion for The CHIP Reverse Mortgage. I went into the meeting with some hesitancy and reservations, not thinking for a minute this product was a viable option to supplement retired income.

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Pattie-lovett-reids-thoughts-on-reverse-mortgage

If there is a product in the financial services arena that people seem to universally dislike, it appears to be the reverse mortgage. I seriously don’t know why. What I do know, is that given the aging population, our love affair with real estate, the high levels of debt and the need to fund retirements, this product may be really hitting its stride. If you are over the age of 55 and you need or want access to capital, a CHIP Reverse Mortgage might be the answer. Unlike traditional mortgages there are no monthly mortgage payments, you can spend your money from your home as you like and it is tax-free. Repayment is only required if you move or sell and it should be noted you retain full ownership of your home.

Continue Reading..