Turn your home equity into flexibility in retirement

’By Bruno Scanga Financial Columnist Is a reverse mortgage something to consider? For many Canadians 55 and better, much of their wealth is tied up in their home. A reverse mortgage by is a flexible financial solution designed to help you access your home equity, without having to sell your home or change long-term plans. What is a reverse mortgage A reverse mortgage such as the CHIP Reverse Mortgage, is designed exclusively for Canadian homeowners aged 55 and better, giving you access to the savings and capital in your home. You continue to live in your home and retain full ownership. It’s your money and your house, with no required monthly mortgage payments. How it works Access up to 55% of your home equity as tax-free cash Receive funds as a lump sum or over time No required monthly mortgage payments The loan is repaid when the home is sold What people commonly use it for Supplementing retirement income Travel or lifestyle goals Supporting family financially Funding home improvements Paying off existing debt Covering healthcare or unexpected expenses Retirement is yours to define Whether it’s pursuing new interests, supporting loved ones, or simply having more flexibility day-to-day, a reverse mortgage can help you access your home equity to support what matters most.