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As financial professionals, we aim to help our clients achieve their goals. Let’s have a look at this client’s situation. Javier is a 68-year-old single male who owns a condo in Ottawa, Ontario. He has $140,000 in registered investments, $100,000 owing on his mortgage, and a defined benefit pension plan that provides a small monthly income. When planning for retirement, despite careful planning, there can sometimes be a financial shortfall, which Javier will encounter by age 83.
What do you think Javier should do?
We’ve looked at the financials and compared a traditional home equity line of credit vs a CHIP Reverse Mortgage. For a closer look, here’s a case study that illustrates Javier’s situation and how a CHIP Reverse Mortgage was the right option for him.
Case Study: Generating Retirement Income
If you have any questions or would like to hear of other cases where CHIP products could be a viable solution for your client, please reach out via phone or email; we’d be happy to help.
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