Roberta Hardern – Compass Mortgage Group
Compass Mortgage Group is a full-service financial services brokerage providing mortgage solutions to all areas of British Columbia and Alberta. For over a decade, we’ve been providing residential and commercial financing to thousands of clients each year, offering seamless mortgage solutions for your financing needs.
About Roberta
Hi My name is Roberta and I have been helping people achieve their dreams of home ownership since 1990.
I have more that 25 years of experience in the mortgage industry. I was a Realtor prior to becoming a broker, so I know both sides of the business. I am able to communicate with Realtors, Lawyers and customers In a meaningful way. This helps to facilitate a smooth real estate transaction.
7 Ways Albertans Over 60 Can Benefit from a CHIP Reverse Mortgage
As Albertans age, many find themselves wanting more financial flexibility without selling their homes. A CHIP (Canadian Home Income Plan) reverse mortgage allows homeowners 55+ to access up to 55% of their home’s equity while continuing to live there. If you’re over 60 and considering ways to make your home work for you, here are seven ways a CHIP mortgage could be beneficial.
1. Boost Your Retirement Income
Many retirees find that their pensions and savings don’t stretch as far as they’d hoped. A CHIP reverse mortgage provides tax-free cash that can be used to cover daily expenses, medical costs, or simply to enhance your lifestyle.
2. Stay in Your Home Longer
Aging in place is a top priority for many older adults. With a CHIP mortgage, you can fund home modifications such as stairlifts, grab bars, or even hiring in-home care—allowing you to remain in your home safely and comfortably.
3. Cover Unexpected Expenses
Life is full of surprises, and not all of them are pleasant. A CHIP mortgage can provide a financial cushion for unexpected medical bills, home repairs, or helping a family member in need without depleting your savings.
4. Eliminate Monthly Mortgage Payments
If you still have a traditional mortgage, a CHIP reverse mortgage can be used to pay it off, freeing up more of your monthly budget. Since no payments are required until you move or sell, this can significantly reduce financial stress.
5. Travel and Enjoy Retirement
Retirement should be about enjoying life, not just getting by. Whether you’ve always dreamed of visiting Europe, taking a cruise, or spending winters in a warmer climate, a CHIP mortgage can help make those travel plans a reality.
6. Support Family or Grandchildren
Many older adults want to help their children or grandchildren financially—whether it’s contributing to a down payment on a home, covering education costs, or helping with unexpected expenses. A CHIP mortgage allows you to provide support without sacrificing your own financial security.
7. Preserve Your Investments
Instead of withdrawing from RRSPs or selling investments at a bad time, a CHIP mortgage gives you another source of funds. This allows you to keep your investments growing while still accessing the money you need.
Is a CHIP Mortgage Right for You?
While a CHIP mortgage can provide financial flexibility, it’s important to consider the long-term impact on your estate. Interest accrues over time, reducing the equity left in your home. Speaking with a financial advisor or mortgage specialist can help determine if it aligns with your financial goals.
For many older Albertans, a CHIP mortgage offers a practical way to enjoy retirement with peace of mind, financial stability, and the freedom to live life on their terms.
Questions? Please feel free to reach out to me directly
Roberta Harden
