Are your HNW customers planning renovations?

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    But your 55+ customers have another reason your home is the most convenient place. The nursing home crisis during the pandemic demonstrated the importance of local aging. In fact, 93% of Canadians say they want to stay in their own home after they retire. However, expensive renovations are often required to achieve this.

    Why the CHIP Reverse Mortgage is the best option to finance home renovations

    Reverse mortgage loan borrowing has increased significantly over the past decade. They were worth more than $ 4.4 billion in 2020, and many Canadians chose them as a strategic financial tool for their retirement.

    The CHIP Reverse Mortgage – which gives your 55+ customers access to up to 55% of the value of their home – is growing in popularity with high net worth individuals as it provides a way to access large sums of money without tax deducting assets . Because reverse mortgage funds are tax-free, your HNW clients can avoid increasing their marginal tax rate and triggering reclaims of income-related government benefits. As such, the CHIP program is an effective tool for cash flow and tax management.

    It also enables HNW individuals to keep their portfolio intact along with their income, which helps them maintain their retired lifestyle while also making their home the best place to spend their golden years.

    And that’s not all. With CHIP Reverse Mortgage, your customers can use part of the previously inactive equity in their own home. However, since they continue to own their property, they continue to benefit from the appreciation of the remaining equity.

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