For many Canadians, retirement signifies a shift towards spending more time at home, cherishing the space filled with memories. The desire to live a comfortable quality of life in retirement has driven a surge in home renovations. While renovating a home can be an exciting project, it often comes with a considerable price tag. For homeowners aged 55 and above, the CHIP Reverse Mortgage by HomeEquity Bank can be a game-changing solution, making those home improvement dreams a reality.
The CHIP Reverse Mortgage Solution
The CHIP Reverse Mortgage has been the solution of choice for many Canadians 55+. With a reverse mortgage, your clients can access up to 55% of their home’s value in tax-free cash, which can be used in a wide range of home improvement projects.
Typically, as we age, home renovations go beyond aesthetics and instead focus on making daily life easier. The CHIP Reverse Mortgage not only provides the necessary funds for these renovations but also offers the benefit of not requiring any monthly mortgage payments, easing the financial burden during retirement.
Five Common Home Renovation Projects Funded by the CHIP Reverse Mortgage
- Accessibility (Doors and Stairs): Your clients may seek to make their homes more accessible for daily comfort. Projects like widening doorways for wheelchairs and installing chairlifts for stairs are common to enhance the functionality of living spaces.
- Bathtubs and Showers: Preventing slips and falls is a top priority for many clients. The installation of walk-in bathtubs, along with shower seats and grab bars in the shower, can help prevent accidents and reduce fatigue.
- Doorknobs to Lever Handles: With the natural weakening of muscles and grip strength that come with age, clients often replace traditional doorknobs with lever handles, making daily living significantly more manageable.
- Flooring: Old tile and hardwood flooring can become safety hazards. Clients may opt for new flooring with non-slip ratings, especially in high-traffic areas like entryways, bathrooms, and kitchens.
- Lighting: Enhanced lighting, such as sensor lighting at entry points, can greatly improve safety for aging clients, especially those with nighttime vision impairments. This not only offers peace of mind but also eliminates the need to search for light switches.
For clients aged 55+, the CHIP Reverse Mortgage by HomeEquity Bank is a powerful financial tool that enables them to finance these home improvement projects. From enhancing accessibility to preventing accidents and making daily living easier, the CHIP Reverse Mortgage empowers your clients to enjoy their retirement to the fullest. It’s a financial solution that not only transforms living spaces but also transforms lives, ensuring that retirement is a time of true relaxation and enjoyment. To learn more, contact your Business Development Manager.
- Posted by ajoshi
- On October 23, 2023
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