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Summer is here, and you may have noticed that your clients are away on vacation with their families, and not meeting to discuss their investments. This can be the perfect time for you to grow your business with a new tool in your retirement planning toolbox.
With the CHIP Reverse Mortgage, you can help your clients who feel house rich but cash poor with financing their retirement without solely relying on personal savings, government benefits (Canadian Pension Plan and Old Age Security) and employer pensions. A reverse mortgage provides eligible clients access to a lump sum of money without monthly repayments, that can be used for retirement income, emergency expenses, or to help family members. Repayment is deferred until clients move, sell their home, or pass away.
Funds from a CHIP Reverse Mortgage can help cover health care expenses and create a reserve for home accessibility, pay down debt, travel, provide a living inheritance by helping pay for a down payment or education, and much more.
How much would your clients qualify for? Use our calculator to find out, or contact a Wealth Business Development Manager closest to you to learn more.
While you’re there, you can also brush up on the seven ways clients can leverage their home value for retirement planning in our latest blog.
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