Is the CHIP Reverse Mortgage right for you?

Jamie Ushko • August 1, 2023

As a Canadian aged 55 or older, you've reached a significant milestone in your life—retirement. This phase comes with a variety of financial options to consider, but not all of them are the right fit for everyone. It's crucial to take some time for reflection and choose a financial solution that aligns with your specific retirement needs and aspirations. One versatile option worth exploring is the CHIP Reverse Mortgage by HomeEquity Bank, which can help address various financial challenges faced by Canadians in their golden years.


Is the CHIP Reverse Mortgage Right for You?

The CHIP Reverse Mortgage is a flexible financial tool that can be a game-changer for Canadians aged 55 and older.

Here are some scenarios where this financial solution might be a perfect fit:


1. Consolidating Debt and Eliminating Payments:

  • Are you retiring with debt?
  • Do you want to consolidate your debts and avoid monthly payments?

If you find yourself nodding in agreement to these questions, the CHIP Reverse Mortgage can provide a welcome relief. It allows you to use the equity in your home to pay off outstanding bills and eliminate the financial stress of monthly debt payments.


2. Dealing with Unplanned Expenses:

  • Are unexpected expenses cropping up, like home repairs, mobility-related renovations, or in-home care costs?

Life often throws unexpected financial curveballs. If you're facing short-term financial strains due to unplanned expenses, the CHIP Reverse Mortgage can offer quick access to cash to address these urgent needs.


3. Embracing Your Retirement Dreams:

  • Do you want to make the most of your retirement by traveling, pursuing hobbies, or enhancing your lifestyle?
  • Are you finding that your current income doesn't match your retirement aspirations?

For those who want to live life to the fullest during retirement but need additional funds to turn their dreams into reality, the CHIP Reverse Mortgage provides the cash flow necessary to enjoy your golden years to the fullest.


4. Maintaining Your Pre-Retirement Lifestyle:

  • Do you want to maintain the same standard of living you enjoyed before retirement?
  • Are you concerned that a decrease in income may force you to adjust your lifestyle?



Many retirees face the prospect of scaling back their lifestyles due to a reduction in income. If you wish to maintain your preretirement lifestyle but require extra financial support, the CHIP Reverse Mortgage can help bridge that gap.


The Power of the CHIP Reverse Mortgage

If you fall into any of the groups mentioned above, it's time to explore the benefits of the CHIP Reverse Mortgage. This financial solution allows Canadian homeowners aged 55+ to access up to 55% of their home's value in tax-free cash. It offers flexible withdrawal options, including a lump sum, staged withdrawals, regular intervals over a set period, or a combination of these choices.


One of the standout features of the CHIP Reverse Mortgage is that it doesn't require monthly mortgage payments. You can continue to own and live in your home without the burden of monthly loan payments. Repayment only becomes necessary when you decide to move, sell your home, or no longer reside in it.


Moreover, HomeEquity Bank provides a No Negative Equity Guarantee. This guarantee ensures that you will never owe more than the value of your home, provided you maintain the property in good condition, pay property taxes and insurance, and keep the property out of default.


Is the CHIP Reverse Mortgage Right for You?

If you're intrigued by the possibilities of the CHIP Reverse Mortgage and believe it could be the financial solution you've been searching for in retirement, it's time to explore further. Contact me to discuss your specific financial situation and explore how the CHIP Reverse Mortgage can empower you to enjoy a financially secure and fulfilling retirement. Your financial freedom is within reach!

Jamie Ushko

Mortgage Broker

Bank of Canada Rate Announcement Oct 29th, 2025

By Jamie Ushko • October 29, 2025
Bank of Canada lowers policy rate to 2¼%. FOR IMMEDIATE RELEASE Media Relations Ottawa, Ontario October 29, 2025 The Bank of Canada today reduced its target for the overnight rate by 25 basis points to 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. With the effects of US trade actions on economic growth and inflation somewhat clearer, the Bank has returned to its usual practice of providing a projection for the global and Canadian economies in this Monetary Policy Report (MPR). Because US trade policy remains unpredictable and uncertainty is still higher than normal, this projection is subject to a wider-than-usual range of risks. While the global economy has been resilient to the historic rise in US tariffs, the impact is becoming more evident. Trade relationships are being reconfigured and ongoing trade tensions are dampening investment in many countries. In the MPR projection, the global economy slows from about 3¼% in 2025 to about 3% in 2026 and 2027. In the United States, economic activity has been strong, supported by the boom in AI investment. At the same time, employment growth has slowed and tariffs have started to push up consumer prices. Growth in the euro area is decelerating due to weaker exports and slowing domestic demand. In China, lower exports to the United States have been offset by higher exports to other countries, but business investment has weakened. Global financial conditions have eased further since July and oil prices have been fairly stable. The Canadian dollar has depreciated slightly against the US dollar. Canada’s economy contracted by 1.6% in the second quarter, reflecting a drop in exports and weak business investment amid heightened uncertainty. Meanwhile, household spending grew at a healthy pace. US trade actions and related uncertainty are having severe effects on targeted sectors including autos, steel, aluminum, and lumber. As a result, GDP growth is expected to be weak in the second half of the year. Growth will get some support from rising consumer and government spending and residential investment, and then pick up gradually as exports and business investment begin to recover. Canada’s labour market remains soft. Employment gains in September followed two months of sizeable losses. Job losses continue to build in trade-sensitive sectors and hiring has been weak across the economy. The unemployment rate remained at 7.1% in September and wage growth has slowed. Slower population growth means fewer new jobs are needed to keep the employment rate steady. The Bank projects GDP will grow by 1.2% in 2025, 1.1% in 2026 and 1.6% in 2027. On a quarterly basis, growth strengthens in 2026 after a weak second half of this year. Excess capacity in the economy is expected to persist and be taken up gradually. CPI inflation was 2.4% in September, slightly higher than the Bank had anticipated. Inflation excluding taxes was 2.9%. The Bank’s preferred measures of core inflation have been sticky around 3%. Expanding the range of indicators to include alternative measures of core inflation and the distribution of price changes among CPI components suggests underlying inflation remains around 2½%. The Bank expects inflationary pressures to ease in the months ahead and CPI inflation to remain near 2% over the projection horizon. With ongoing weakness in the economy and inflation expected to remain close to the 2% target, Governing Council decided to cut the policy rate by 25 basis points. If inflation and economic activity evolve broadly in line with the October projection, Governing Council sees the current policy rate at about the right level to keep inflation close to 2% while helping the economy through this period of structural adjustment. If the outlook changes, we are prepared to respond. Governing Council will be assessing incoming data carefully relative to the Bank’s forecast. The Canadian economy faces a difficult transition. The structural damage caused by the trade conflict reduces the capacity of the economy and adds costs. This limits the role that monetary policy can play to boost demand while maintaining low inflation. The Bank is focused on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval. Information note The next scheduled date for announcing the overnight rate target is December 10, 2025. The Bank’s next MPR will be released on January 28, 2026. Read the October 29th, 2025 Monetary Report

Everything You Need to Know About Second Mortgages

By Jamie Ushko • October 22, 2025
What Is a Second Mortgage, Really? (It’s Not What Most People Think) If you’ve heard the term “second mortgage” and assumed it refers to the next mortgage you take out after your first one ends, you’re not alone. It’s a common misconception—but the reality is a bit different. A second mortgage isn’t about the order of mortgages over time. It’s actually about the number of loans secured against a single property —at the same time. So, What Exactly Is a Second Mortgage? When you first buy a home, your mortgage is registered on the property in first position . This simply means your lender has the primary legal claim to your property if you ever sell it or default. A second mortgage is another loan that’s added on top of your existing mortgage. It’s registered in second position , meaning the lender only gets paid out after the first mortgage is settled. If you sell your home, any proceeds go toward paying off the first mortgage first, then the second one, and any remaining equity is yours. It’s important to note: You still keep your original mortgage and keep making payments on it —the second mortgage is an entirely separate agreement layered on top. Why Would Anyone Take Out a Second Mortgage? There are a few good reasons homeowners choose this route: You want to tap into your home equity without refinancing your existing mortgage. Your current mortgage has great terms (like a low interest rate), and breaking it would trigger hefty penalties. You need access to funds quickly , and a second mortgage is faster and more flexible than refinancing. One common use? Debt consolidation . If you’re juggling high-interest credit card or personal loan debt, a second mortgage can help reduce your overall interest costs and improve monthly cash flow. Is a Second Mortgage Right for You? A second mortgage can be a smart solution in the right situation—but it’s not always the best move. It depends on your current mortgage terms, your equity, and your financial goals. If you’re curious about how a second mortgage could work for your situation—or if you’re considering your options to improve cash flow or access equity—let’s talk. I’d be happy to walk you through it and help you explore the right path forward. Reach out anytime—we’ll figure it out together.