Spring marks the season of renewal—and for many 55+ homeowners, it’s also the perfect time to refresh and renovate their homes. Whether it’s a kitchen update, bathroom upgrade, or making their home more accessible to support aging in place, clients often see the value in improving their living space. But renovations can come at a hefty price, especially if your clients are on a fixed retirement income.
That’s where the CHIP Reverse Mortgage comes in—and why it should be part of your toolkit as a strategic financial solution offering for Canadian homeowners 55+.
How the CHIP Reverse Mortgage Can Support Your Clients’ Spring Renovation Goals
1. Preserve Your Clients’ Cash Flow
Your clients may hesitate to draw from savings or investments to fund major home upgrades. The CHIP Reverse Mortgage allows them to access up to 55% of their home’s value in tax-free cash, with no monthly mortgage payments required. It’s an ideal solution to fund renovations without impacting day-to-day budgets or long-term financial plans.
2. Address a Growing Need for Aging-in-Place Solutions
As more clients choose to stay in their homes longer, there’s increasing demand for renovations that support comfort and mobility—such as walk-in tubs, main floor living conversions, or stair lifts. The CHIP Reverse Mortgage makes it financially feasible for your clients to adapt their home to their changing needs.
3. Drive Client Loyalty with Tailored Solutions
Adding another financial solution to your toolkit, like the CHIP Reverse Mortgage, allows you to offer clients more tailored options. By presenting CHIP as a potential strategy, you demonstrate that you’re resourceful and equipped to support their unique retirement goals with flexible, needs-based solutions.
4. Easy Access and Flexible Use
Clients can receive the funds as a lump-sum or as monthly or quarterly advances, giving clients control over how they finance each stage of their renovation. Plus, since funds are tax-free, there’s no impact on government benefits like CPP or OAS.
Be the Expert Who Brings Options to the Table
The CHIP Reverse Mortgage can be a powerful strategy to help your clients improve their homes without financial strain. It’s not just about renovations—it’s about helping your client’s live retirement their way.
Contact your HomeEquity Bank BDM or BDA to discuss how the CHIP Reverse Mortgage can fit into your renovation conversations with clients.
