Most Canadian seniors want to remain in the family home as they age, but often must renovate and retrofit areas of the home as part of aging in place. That’s according to the results of a study conducted by HomEquity Bank and Ispos Canada, where 300 Canadian homeowners were surveyed from March 15th to 18th […]
Mortgage debt among seniors is increasing right across Canada, and for those aged 70+ it has increased 12% compared to 2013.
Meet John and Debbi (my fictitious couple) and learn they used a Reverse Mortgage to cover nursing home expenses. John and Debbi (age 77 and 73 respectively) are residents of Burnaby. Recently John was permanently placed in a nursing home because of dementia. Debbi is struggling with the finances and concerned as their savings will […]
Using a Reverse Mortgage to Increase Cash Flow Meet Margaret (my fictitious widow): Margaret, a widow, is struggling with her cash flow. Still relatively young at age 63 and in good health, she is concerned about her financial future as she is using up her savings more quickly than anticipated. She owns her home which […]
The CHIP Home Income Plan is a reverse mortgage available exclusively for homeowners age 55 and older which is secured by the equity in your home.
Reverse mortgages have evolved from a needs-based product to a product many financial planners recommend as an important component of a comprehensive retirement plan.
A reverse mortgage from HomEquity Bank is a smart way for seniors to access the equity they’ve accumulated in their home as tax-free cash. Despite the fact that reverse mortgages have been in Canada since 1986, there is still a lot of misunderstanding. Here we address some commonly asked questions. Will the homeowner owe more […]