The CHIP Reverse Mortgage by HomeEquity Bank is a financial solution for Canadian homeowners 55+, who want to access up to 55% of their home equity in tax-free cash, without the need to make monthly mortgage payments. We recently conducted a consumer benchmark survey to help us better understand the needs of our clients. Here is how HomeEquity Bank customers have been leveraging their funds from the CHIP Reverse Mortgage:
- Home Renovation: 38% of customers use the funds to renovate their homes. This shows that home improvement projects are a compelling reason for clients to consider the CHIP Reverse Mortgage solution since the cost for renovations has grown significantly over the last few years.
- Unexpected Expenses: For single borrowers and women, the CHIP Reverse Mortgage serves as a financial lifeline, with 18% using the funds to cover unexpected expenses, compared to 10% of men. This highlights the importance of the CHIP Reverse Mortgage solution as a safety net for unforeseen circumstances.
- Debt Management: More women use the CHIP Reverse Mortgages to pay off debt, with 59% using the solution for debt repayment, as opposed to 50% of men. This finding shows that the CHIP Reverse Mortgage is a great solution to helping clients regain control of their financial situation.
- Lifestyle Maintenance: For those looking to maintain or enhance their current lifestyle, more men find the CHIP Reverse Mortgage to be an appealing solution, with 37% choosing it compared to 29% of women, to improve retirement lifestyle.