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HomeEquity Bank is the only bank in Canada that currently offers the CHIP Reverse Mortgage as well as a secondary product, Income Advantage. These two products are options for homeowners unlike anything else out there. Instead of borrowing money to purchase a house, they will lend you money if you already have purchased one. CHIP […]
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A few years ago, I met with my Home Equity Bank representative. He was trying to encourage me to go visit my financial adviser referral partners and offer Reverse Mortgage products. I explained that I did not know anyone who had a reverse mortgage so it was hard to promote to financial advisers or anyone. […]
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With almost 50% of homeowners ready to retire and wishing to stay in their home and 30% of those people with most of their money tied up in home equity, the downsizing dilemma is real. Can they afford to stay in their home or is downsizing the better option. Are they house rich….cash poor? In […]
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Amanda Moss and her husband Robert have had a mortgage on various properties for almost 10 years. The Chilliwack B.C. couple was a few years into their mortgage term, but looking to pay off some extra bills and clear up some financing. They hadn’t considered the option of refinancing until Amanda got some advice of […]
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The reverse mortgage market in Canada has been increasing at a phenomenal rate over the last few years. In fact, for HomeEquity Bank, the provider of the CHIP Reverse Mortgage, growth was well over 40% in August, bringing Canada’s outstanding reverse mortgage balance to $3.03 billion. Compare this to the latest growth in lending for […]
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So you’re wanting to buy a new home and you are a first time home buyer? That is some very exciting news. First question, are you prepared?! We all know big-item purchases are scary. It’s expensive, you are fully committing to this household – there is no turn backing without that pricey consequence. We totally […]
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The Bank of Canada (BOC) recently lowered the bank of Canada overnight rate by a quarter of a percent in January. This came as a surprise to everyone and the few people who had variable rate mortgages were rubbing their hands together, looking forward to their payments decreasing. They did decrease but not the same […]
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The bank of Canada changed it’s overnight lending rate by a quarter of a point last week which surprised economists, mortgage brokers and everyday citizens of Canada. There had been talk of it happening but most people took it for just that, talk… Here is an article that provides the everyday consumer with 5 things […]
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A relative and interesting article on how much you need to earn in order to buy a home in some of Canada’s major cities. Here is the link; Can you afford to buy a house in one of Canada’s major cities?
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An interesting article on whether or not the Bank of Canada will follow in the footsteps of the Fed in the United States. It seems like whenever we get close to raising interest rates, something happens on a broad scale and we pull our heads back in our shells. The latest, plunging oil prices……… […]
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