May 18 , 2023  /   Advice

Helping Your Clients Stay in the Home They Love in Their Golden Years

As the boomers age, the urgency has increased around developing a plan to fund retirement. There is tremendous fear and concern that they could outlive their money. In fact, some believe they will never be able to retire, while others have given up the notion altogether.

This unease has always existed; however, there is a heightened awareness as costs have escalated, and people worry about inflation, market volatility, living too long and even long-term healthcare costs.

As a result, clients who are potentially facing a multi-decade retirement are now searching for ways to fund that period of time.

Not surprisingly, the CHIP Reverse Mortgage by HomeEquity Bank is growing in popularity and here is why; the scales have tipped toward age-in-place strategies. Some may or may not have saved adequately and may not be fully aware of the huge funding option they may be sitting on in terms of the value they have built up in their home.

As an expert, you are in a unique position to help those over the age of 55 take stock of current lifestyle choices and explore all financial options, given the value they have built up in their home.

We all know retirement can be costly and vary based on the decisions made during the working years. Some will have saved for this stage of life via RRSPs, TFSAs, non-registered money, and government programs such as OAS and CPP can help. Others may not have saved adequately based on life’s circumstances. The good news is, if staying in their home is their preferred option, a CHIP Reverse Mortgage can help many enjoy the retirement they had hoped for. This could satisfy their desire to stay in their home longer while at the same time continuing to build more equity over time, which could prove beneficial if they decide to sell down the road and move into an assisted living facility or are concerned about leaving an inheritance.

If their basic living expenses are covered, they may decide to take some of the value out of their home for repairs and improvements on their terms. They determine what renovations need to be done and when to do them.

There is personal pride, familiarity, and comfort in having the ability to age in place. There is also a feeling of control in maintaining your independence.

The bottom line, the ability to stay in your home for as long as you can, even with modifications, becomes more financially realistic when you are prepared to explore all other options to fund the costs. This will help to understand how to support their lifestyle choices and also help to answer the question – will they have enough to see them through their retirement?

In other words, you have a golden opportunity to help your clients breathe a sigh of relief in their golden years.

Want to learn more about how a reverse mortgage can help your clients age in place? Speak with a HomeEquity Bank Business Development Manager today.

~ Pattie Lovett-Reid
Chief Financial Commentator
HomeEquity Bank

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