As we age, maintaining independence and staying in the home we love can be a challenge, especially when faced with reduced mobility and the need for costly home modifications and personal care services. However, with the CHIP Reverse Mortgage by HomeEquity Bank, aging in place becomes more feasible and attainable. Here are three ways in which this unique financial solution can support you:

1. Enhance your home for accessibility and enjoyment.

The CHIP Reverse Mortgage enables you to make essential home improvements that improve accessibility, safety, and overall livability. For example, you can adjust electrical switches and outlets to a more comfortable height, eliminating the need for reaching overhead. You can also plan for features like relocating the laundry room from the basement to the main floor to facilitate single-level living.

2. Afford the convenience of at-home care.

With funds from the CHIP Reverse Mortgage, you can access financial resources to help with various at-home care needs. From hiring a cleaning crew to maintain your house regularly to securing 24/7 in-home caregivers, the funds provide the means to ensure you receive the necessary assistance and support.

3. Support for transitioning into assisted living or long-term care.

If your spouse or a loved one needs to move into assisted living or long-term care, the CHIP Reverse Mortgage can alleviate the financial strain of the transition. The funds can be used to pay for accommodation and meals, known as co-payment fees, ensuring that your loved one receives the care they need.

Ease financial burdens with the CHIP Reverse Mortgage

The CHIP Reverse Mortgage by HomeEquity Bank allows Canadians aged 55 + to unlock up to 55% of their home’s equity as tax-free cash. This enables you to revitalize your living space, afford at-home care services, or support your spouse’s transition to assisted living or long-term care. What’s more, there are no required monthly mortgage payments until you decide to move or sell your home.

Contact me today to discover how the CHIP Reverse Mortgage can empower your journey of aging in place.

Published by HomeEquity Bank

The residential real estate surge that started in April carried through May. The latest numbers from the Canadian Real Estate Association show both sales and prices continued to rise.

May saw a 5.1% increase in sales compared to April. (April recorded an 11.3% increase over March.) And May sales were up 1.4% over a year earlier. While that is a small gain CREA says it is notable because it is the first national year-over-year sales increase since June 2021.

The national average home price in May rose to $720,000, a 3.2% increase compared to a year earlier. It is the first year-over-year gain in this measure in 12 months. Greater Toronto and Greater Vancouver continue to have an outsized influence on the national average price. When those two markets are taken out of the calculation the price drops to about $579,000.

CREA’s preferred measure of pricing, the Aggregate Composite MLS Home Price Index, climbed 2.1% on a month-over-month basis in May. However, it remains 8.6% below 2022 levels.

There was a significant jump in new listings in May, up 6.8% from April. However, that barely kept pace with the sales increase and new listings remain at historically low levels. The sales-to-new listings ratio was 67.9%, little changed from 69% in April, and firmly favouring sellers. The long-term average is 55.1%.

How long this market rebound will last remains a point of speculation.

Published by First National Financial LP