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

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 100TM 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-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.

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Pattie-lovett-reid-holding-home-run-book

I have a problem with the word “retirement”. If you look the word up in the dictionary it means to “go away”, the definition even goes so far as to state to become “reclusive”. I find the term outdated and have said before it is time to retire the word retirement. People have told me they start to think, or perhaps worry about retirement about a decade before it happens. They wonder if they have enough money to see them through their retirement? They worry about how they will define themselves after their career, and a real fear for many is how they will manage all that free time?

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