Reverse mortgage

Some see merit in reverse mortgages

A record number of reverse mortgages in Canada has sparked concern, with some in the financial industry expressing fears of homelessness. However, the more pragmatic in the industry are quick to offer reassurance that it's not all gloom and doom.

By Vikram Barhat |January 11, 2012

2 min read

Industry

Reverse mortgages soar

The need for an improved cash flow in retirement is leading to record number of reverse mortgages in Canada, according to a HomEquity Bank study.

By Vikram Barhat |January 9, 2012

2 min read

Industry

No place like home, retirees say

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.

By John Powell |August 10, 2011

1 min read

Industry

Don’t rely on home equity in 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.

By Vikram Barhat |July 30, 2010

3 min read

CHIP parent lowers rate to win over advisors

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.

By Steven Lamb |November 13, 2009

3 min read

CHIP repositions as investment tool

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 […]

By Mark Noble |May 29, 2007

4 min read

Reverse mortgage provider reacts to proposed new rules

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 […]

By Doug Watt |July 20, 2004

3 min read

Ontario seeks input on new rules for mortgage brokers

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 […]

By Doug Watt |July 2, 2004

2 min read