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

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Retirement Planning

CERB

Rapid shutdowns, volatile stock markets, slow economic recoveries and bleeding financial portfolios have wiped out a significant portion of the retirement income that many Canadians were banking on. Those who were on the verge of retirement and counting on income from investments to cover their living costs are seriously considering delaying their retirement. Those who were forced into an early retirement due to COVID-19 may be covered under CERB and Canada Recovery Benefit, but these benefits are applicable for a limited duration and are hugely insufficient to fund most retirement plans.

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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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Get out of debt

One of the top tips to get out of debt is to know exactly how much you earn and spend and then make a budget. This all starts with going through your bank account to work out how much you spend on everything, including essentials, variables and discretionary spending.

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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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