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

Reverse Mortgage

An older man looking at his wife with his arm wrapped around her

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.

Continue Reading..
An older woman at a laptop looking at a document

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.

Continue Reading..
An older couple happily sitting at a laptop looking at documents together

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.

Continue Reading..
A man sitting a café working on his laptop and talking on his mobile phone

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.

Continue Reading..