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

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Reverse Mortgage

Retirement Hobbies

If you’re ready to start your new hobby, there are a few ways you can generate additional income from it even in retirement. This way, you can enjoy your leisure activities while also enjoying part-time work. Fortunately, if you are creative enough, many hobbies for the elderly can be turned into a profit. However, how much you earn may depend on how much time you are willing to invest in marketing your products or services.

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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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A recent report in the Financial Post suggested that applying for a HELOC may become much more difficult after the current crisis. Many people experiencing financial difficulty are currently getting by thanks to government crisis stimulus and mortgage/loan deferrals. If those stop before everyone is back at work, many people could start considering HELOC options to stay afloat.

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Debt Consolidation

If you have seen the Hollywood movie “Confessions of a Shopaholic”, the process of debt consolidation will make a lot of sense to you. When you are in deep with credit card debt, paying the minimum monthly amount due only lets you scrape through from one installment to another.

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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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