Canadian individuals aged 55 and above have an array of financial choices in retirement. Yet, not every option suits everyone. It’s crucial to assess retirement needs and select a solution accordingly. Take, for instance, the CHIP Reverse Mortgage from HomeEquity Bank, offering versatility to address various financial challenges encountered by Canadians in this age group.
Retiring with debt? Seeking to consolidate and eliminate payments? If your investment portfolio underperformed or you need extra cash flow due to rising expenses, consider the CHIP Reverse Mortgage. From bill payments to unplanned expenses, travel, or a second home purchase, it offers versatility and flexibility for Canadians aged 55 and above.
We have found that Individuals who use the CHIP Reverse Mortgage usually fall within four groups based on their financial needs:
Alleviate the Stress of Debt
Ease the burden of debt. If you struggle with mortgage payments or credit card bills and hesitate to dip into savings or investments, facing increasing debt due to unavoidable expenses, you need a solution to alleviate financial strain.
Pay for Unplanned Expenses
Handle unforeseen expenses. Whether it’s repairing a broken window, retrofitting for mobility, or covering in-home care costs, you belong to this category. You’re experiencing short-term financial strain and require prompt cash to address these expenses.
Want to live life to the fullest.
Embrace life to the fullest. If you’re eager to enjoy your retirement but require additional funds to do so, you belong here. Seeking increased cash flow to fulfill your retirement dreams and make the most of your newfound free time.
Maintain a Standard of Living:
Keep your standard of living. For those facing the prospect of adjusting their lifestyle due to reduced income post-retirement, this group is relevant. If you want to uphold your preretirement lifestyle but need additional funds to do so, you belong here.
If any of these describe you, it might be time to explore the CHIP Reverse Mortgage as your financial solution. This option empowers Canadian homeowners aged 55 and above, like yourself, to unlock up to 55% of their home’s value in tax-free cash. With flexible withdrawal options such as lump sum or staged payments, you’re not obliged to make monthly mortgage payments and retain ownership of your home. Repayment is only required upon moving out, selling, or no longer residing in your home. Plus, with HomeEquity Bank’s No Negative Equity Guarantee, you’ll never owe more than your home’s value, provided you maintain the property well and meet other obligations.
Contact us to see if the CHIP Reverse Mortgage is a fit for you and how to use it to help you in retirement.
