Retired Canadians aren’t budging. According to an Ipsos Reid survey conducted for HomEquity Bank (provider of CHIP Home Income Plan), 61% of retired Canadians intend to stay in their current home as long as possible after retirement.
A recent report from Statistics Canada says home equity makes an important contribution to retirement income. However, retirement planners say it is not necessarily a sign of financial wellbeing.
If your company offers just one product and it's restricted to a certain age group, wouldn't it be nice to diversify just a little? When HomEquity, best know for its CHIP reverse mortgage program, became a chartered bank in October, that was, in part, the rationale.
Canada’s most recognizable name in the reverse mortgage business is ramping up business, offering a number of flexible options, including optional interest repayment, to increase its appeal as an investment tool for financial advisors. Canadian Home Income Plan Corporation officials say between 50% and 75% of its clients are already using at least a portion […]
The Ontario government’s recent proposal to impose tighter regulations on reverse mortgages is being welcomed by the country’s largest provider, the Canadian Home Income Plan (CHIP). At the same time, advisors have some words of warning about the loan product, noting that reverse mortgages are suitable for relatively few clients and should only be contemplated […]
The Ontario government is proposing sweeping changes to the Mortgage Brokers Act, legislation that has not been significantly updated for 30 years. The Financial Services Commission of Ontario (FSCO) — the agency responsible for overseeing mortgage brokers in the province — says it wants to improve consumer protection, streamline regulation and harmonize Ontario’s rules with […]