Do your clients feel house rich but cash poor? The CHIP Reverse Mortgage can help
Submitted by Krishan on June 4, 2024 - 11:08am
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Hi Krishan,
You’ve likely spoken to your clients about how they can use the CHIP Reverse Mortgage by HomeEquity Bank in retirement. But have you discussed how our products can help them facilitate retirement income?
The median after-tax income for a single Canadian aged 65+ in 2022 was $33,600.1 Given the current economic climate, it is evident that Canadians would have a hard time living their retirement to the fullest despite owning their home. That’s where you come in! You can help your clients who feel they are house rich but cash poor by introducing the CHIP Reverse Mortgage.
With CHIP, your clients can access up to 55%2 of the value of their home in tax-free cash, which can be used to complement their current CPP and OAS, and eventually replace their RRIF income. Our calculator can determine how much your client could qualify for.
Use the CHIP Reverse Mortgage as a tool to help Canadians flourish in retirement.
1Source: 150.statcan.gc.ca 2 Some conditions apply. | |
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