Stay Ahead by Meeting the Evolving Needs of Aging Canadians
In today’s rapidly changing financial landscape, staying competitive means offering solutions that genuinely align with your clients’ evolving needs. By integrating innovative strategies tailored to Canada’s aging population, you can elevate your service offering, build stronger client relationships, and position your business for long-term growth.
Understanding the CHIP Reverse Mortgage
Designed exclusively for Canadians aged 55+, the CHIP Reverse Mortgage allows homeowners to access up to 55%[1] of their home’s value in tax-free cash, without the burden of monthly mortgage payments. Clients maintain full ownership of their home, and repayment is only required when they move or sell.
Better yet, the funds received do not impact income-tested government benefits, such as Old Age Security (OAS). With the added protection of a No Negative Equity Guarantee[2], clients are assured they will never owe more than the fair market value of their home. The CHIP Reverse Mortgage offers a strong retirement income solution and a meaningful way to differentiate your services.
A Market Ready for Solutions
Over the next decade, nearly three million Canadian households will transition into retirement[3], marking an unprecedented demographic shift. While downsizing is often seen as inevitable, 93% of Canadians over 55 prefer to remain in their homes as they age[4].
At the same time, financial stress is rising. According to a Deloitte report published in August 2024, approximately 55% of near-retiree households will need to adjust their lifestyle to avoid outliving their savings[5]. The Deloitte report outlines a valuable opportunity for financial professionals to offer clients personalized financial solutions that provide long-term peace of mind, while helping your clients retire on their own terms.
Unlocking Value in an Underserved Market
The CHIP Reverse Mortgage gives you access to a rapidly growing and underserved segment: Canadians aged 55 and older. This demographic often falls through the cracks of traditional lending, not because of poor financial habits, but because conventional lending products aren’t designed with their needs in mind. Many are asset-rich but income-constrained, with limited pensions, reduced savings, and a strong desire to remain in their homes as they age. Yet, traditional lenders prioritize income and credit, making it difficult for this group of Canadians to qualify for financing. The CHIP Reverse Mortgage helps bridge that gap by turning home equity into tax-free cash, without monthly payments. It’s a powerful way for you to deliver a creative financial solution to your clients.
Driving Strategic Growth
Offering the CHIP Reverse Mortgage is a strategic way for you to grow your business. It opens the door to a largely untapped demographic and gives you a reason to revisit your current database to uncover overlooked opportunities.
Many clients you already serve may now be ideal candidates for a reverse mortgage, presenting an opportunity to re-engage with meaningful solutions that meet their evolving needs. The CHIP Reverse Mortgage also supports clients who fall outside conventional lending models, allowing you to capture new revenue streams while improving client retention.
Client Story: Real Impact, Real Change
When financial strain and urgent home repairs left Mr. Beacher feeling overwhelmed, he wasn’t sure where to turn. With the support of the CHIP Reverse Mortgage by HomeEquity Bank, he found the relief he needed.
“CHIP really helped me breathe again,” he says. “Now I can finally take care of my home and complete the projects I’ve been putting off for years.”
Mr. Beacher’s experience highlights how CHIP not only provides financial flexibility but also restores confidence, peace of mind, and quality of life. This is the kind of impact you can bring to your clients.
Let’s Connect
To explore how the CHIP Reverse Mortgage can enhance your client offering and drive business growth, contact your HomeEquity Bank BDM or BDA today.
[1] Some conditions apply
[2] Must maintain property, pay property taxes and homeowners’ insurance, and abide by your mortgage obligations. The guarantee excludes administrative expenses and interest that has accumulated after the due date
[3] Running out of time | Deloitte Canada
[4] Survey conducted by Ipsos on behalf of HomeEquity Bank April 12-16, 2022
