older homeowners

Chris Gallant CHIP Reverse Mortgage

The CHIP Reverse Mortgage is the best solution for older Canadians to remain in their homes. Canada’s record-setting housing market is currently one of the hottest topics of conversation. It is making many Canadians feel the heat to sell. In fact, according to new data from the latest Ipsos-commissioned study, 76% of older Canadians believe homeowners in their demographic are sometimes pressured to downsize. While the allure of cashing in on soaring prices may seem like a quick win, it’s not as simple as it sounds.

The truth is, there are 3 reasons why selling is not worth the risk.

  1. Limited housing supply
  2. Aggressive bidding wars
  3. Condos cost by the square foot in major markets. as much as detached homes.

This makes selling and moving not worth the risk. For homeowners banking on using their sale proceeds to help fund retirement, downsizing could end up costing them more.

Are you concerned about your retirement savings and are thinking about downsizing to help pay for your golden years? Here are some leading considerations that show they may want to think twice before making a move.

Seniors Value Accessing their Home’s Equity

According to data from our latest Ipsos-commissioned study, 79% of older Canadians say they can’t bank on traditional savings means for a comfortable retirement. These include Registered Retirement Savings Plans (RRSPs), Canada Pension Plan (CPP), and Old Age Security (OAS). Only 5.9 million Canadians contributed to their RRSPs in 2019, with the median contribution $3,260[1]. This doesn’t bode well for retirement finances.

It shouldn’t come as any surprise, then, that 45% of older homeowners say accessing the equity in one’s home without having to sell should be a key component of retirement planning. This is important because we’re now seeing a shift in how these demographics view the CHIP reverse mortgage. Rather than regarding them as a reactive lending option when they need income, they’re seen as a proactive solution to their long-term financial goals.

Lastly, 77% of boomers are homeowners[2], so they’re likely looking to their largest investment to supplement their retirement income. The data shows over a quarter of them are open to using their home’s equity instead of downsizing.

Older Canadians don’t want to move but need solutions to pay for it

According to another survey, 93% of Canadians 55 and up have made it clear they want to age in place at home. You’re not alone and there are options available. In March 2020, a poll showed three-quarters of respondents said they’re concerned about their financial well-being due to the pandemic. Additionally, a survey by Edward Jones Canada found 59% of Canadians in this demographic have no concept of the health and long-term care costs they should be saving for in retirement.[3]

With more than half of Canadians 55 and older now considering in-home care, their ability to pay for it could be challenging based on the numbers above.

Products like the CHIP Reverse Mortgage, Income Advantage, CHIP Open, and CHIP Max are designed specifically to address these challenges. and already, 22% of this demographic say they’d leverage their home’s equity to help cover the costs of in-home care.

CHIP Reverse Mortgage: The right solution for the current situation

The pandemic has completely transformed the way Canadians view homeownership. So has the red-hot real estate market that’s defied most analysts’ expectations and conventional wisdom.

What happens next is anyone’s guess. But in times of uncertainty and volatility, older Canadians want a safe and secure bet to help fund their retirement. The CHIP Reverse Mortgage is an ideal solution for those not willing to risk downsizing and losing the home they love.

Contact me today to see which CHIP Reverse Mortgage option is right for you.

[1] https://www150.statcan.gc.ca/n1/daily-quotidien/210309/dq210309c-eng.htm

[2]https://www.newswire.ca/news-releases/more-than-14-million-boomers-across-canada-expect-to-buy-a-home-in-the-next-five-years-690334391.html

[3]https://www.investmentexecutive.com/news/research-and-markets/most-canadians-arent-planning-for-long-term-care-costs-survey/

Source: chipadvisor.ca

older homeowners

About This Location/Listing

The CHIP Reverse Mortgage is the best solution for older Canadians to remain in their homes. Canada’s record-setting housing market is currently one of the hottest topics of conversation. It is making many Canadians feel the heat to sell. In fact, according to new data from the latest Ipsos-commissioned study, 76% of older Canadians believe homeowners in their demographic are sometimes pressured to downsize. While the allure of cashing in on soaring prices may seem like a quick win, it’s not as simple as it sounds. The truth is, there are 3 reasons why selling is not worth the risk.
  1. Limited housing supply
  2. Aggressive bidding wars
  3. Condos cost by the square foot in major markets. as much as detached homes.
This makes selling and moving not worth the risk. For homeowners banking on using their sale proceeds to help fund retirement, downsizing could end up costing them more. Are you concerned about your retirement savings and are thinking about downsizing to help pay for your golden years? Here are some leading considerations that show they may want to think twice before making a move.

Seniors Value Accessing their Home’s Equity

According to data from our latest Ipsos-commissioned study, 79% of older Canadians say they can’t bank on traditional savings means for a comfortable retirement. These include Registered Retirement Savings Plans (RRSPs), Canada Pension Plan (CPP), and Old Age Security (OAS). Only 5.9 million Canadians contributed to their RRSPs in 2019, with the median contribution $3,260[1]. This doesn’t bode well for retirement finances. It shouldn’t come as any surprise, then, that 45% of older homeowners say accessing the equity in one’s home without having to sell should be a key component of retirement planning. This is important because we’re now seeing a shift in how these demographics view the CHIP reverse mortgage. Rather than regarding them as a reactive lending option when they need income, they're seen as a proactive solution to their long-term financial goals. Lastly, 77% of boomers are homeowners[2], so they’re likely looking to their largest investment to supplement their retirement income. The data shows over a quarter of them are open to using their home’s equity instead of downsizing.

Older Canadians don’t want to move but need solutions to pay for it

According to another survey, 93% of Canadians 55 and up have made it clear they want to age in place at home. You're not alone and there are options available. In March 2020, a poll showed three-quarters of respondents said they’re concerned about their financial well-being due to the pandemic. Additionally, a survey by Edward Jones Canada found 59% of Canadians in this demographic have no concept of the health and long-term care costs they should be saving for in retirement.[3] With more than half of Canadians 55 and older now considering in-home care, their ability to pay for it could be challenging based on the numbers above. Products like the CHIP Reverse Mortgage, Income Advantage, CHIP Open, and CHIP Max are designed specifically to address these challenges. and already, 22% of this demographic say they’d leverage their home’s equity to help cover the costs of in-home care.

CHIP Reverse Mortgage: The right solution for the current situation

The pandemic has completely transformed the way Canadians view homeownership. So has the red-hot real estate market that’s defied most analysts’ expectations and conventional wisdom. What happens next is anyone’s guess. But in times of uncertainty and volatility, older Canadians want a safe and secure bet to help fund their retirement. The CHIP Reverse Mortgage is an ideal solution for those not willing to risk downsizing and losing the home they love. Contact me today to see which CHIP Reverse Mortgage option is right for you. [1] https://www150.statcan.gc.ca/n1/daily-quotidien/210309/dq210309c-eng.htm [2]https://www.newswire.ca/news-releases/more-than-14-million-boomers-across-canada-expect-to-buy-a-home-in-the-next-five-years-690334391.html [3]https://www.investmentexecutive.com/news/research-and-markets/most-canadians-arent-planning-for-long-term-care-costs-survey/ Source: chipadvisor.ca

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