You might have a few ideas about changing things up in the months ahead. Whether you dream of fixing up your home, going on exciting trips, or getting rid of some debts, there’s a helpful option – the CHIP Reverse Mortgage! The CHIP Reverse Mortgage is designed exclusively for Canadian homeowners aged 55 and better. It enables you to convert up to 55% of your home’s value into tax-free cash, while staying in the home you love and without worrying about monthly mortgage payments. Let’s explore how the CHIP Reverse Mortgage can help you accomplish your goals in the coming year and beyond.

Debt-Free Living and Financial Freedom

One of the primary concerns for many individuals is the burden of existing debts. The CHIP Reverse Mortgage by HomeEquity Bank presents an opportunity to take control of your financial situation by providing tax-free cash that can be used to settle outstanding debts. Imagine starting the year with a clean slate and embracing a lifestyle free from the constraints of debt.

Pursue Your Passions and Hobbies

One advantage of the CHIP Reverse Mortgage lies in its versatility, allowing you to use the unlocked home equity for activities that bring you joy. Whether you’re investing in a hobby you’ve always been passionate about, or even joining a gym to stay active and healthy, the CHIP Reverse Mortgage offers the financial flexibility to pursue your interests without compromise.

Support Loved Ones’ Aspirations

If you have family-oriented resolutions, the CHIP Reverse Mortgage provides an avenue to support your loved ones’. Whether it’s helping a child or grandchild with tuition fees or contributing to a family member’s entrepreneurial endeavours, the tax-free cash from the CHIP Reverse Mortgage can empower you and your family.

Age In Place with Home Retrofitting

As the new year prompts reflections on long-term well-being, the CHIP Reverse Mortgage offers a practical solution for retrofitting your home to age-in-place comfortably. Use the funds to make necessary modifications, ensuring that your living space evolves with your changing needs while maintaining the independence and security of your home.

The CHIP Reverse Mortgage by HomeEquity Bank is a sound financial solution that provides means to accomplish your dreams by tapping into the wealth you’ve built in your home. Contact your Dominion Lending Centres mortgage expert to discover how the CHIP Reverse Mortgage can unlock a year filled with possibilities and turn your dreams into­­ reality.

Technology is constantly evolving and adapting to our needs as a society and individuals. One of these exciting developments has been the creation and evolution of smart homes.

WHAT IS A SMART HOME?

A smart home is any home where the homeowners are able to control thermostats, lighting, appliances and other devices remotely over the internet through a smartphone or tablet. These can be set up through wired or wireless systems, allowing you full control wherever you are.

BENEFITS OF SMART HOMES

• Easy Home Management: One of the biggest and most appealing aspects of a smart home is the easy home management it provides. The integrated systems not only give you full control over every smart aspect of your home, but also allows you to view insights and data, which can help you analyze daily habits and energy use.

• Energy Savings: Smart homes provide opportunity for extensive energy efficiency and cost savings, depending on how you use the technology. Precise control over heating and cooling systems allows the system to learn your schedule and set preferences for the highest energy efficiency outcome. In addition, you can manage lighting to turn on and off at specified times to prevent energy waste. In addition, these homes are often stocked with top of the line appliances and electronics, with improved energy efficiency leading to further cost savings.

• Increase Appliance Functionality: Using smart appliances and electronics allows you to get even more out of these household tools. For instance, a smart oven can help you cook your chicken to perfection and a built-in audio system can provide the perfect atmosphere to any party. Plus, connecting your appliances and other systems will improve automation and give you even more to love about your home.

• Flexibility: With the ever-changing smart home technology, this affords you greater flexibility when it comes to your home and your changing needs.Smart homes are typically highly flexible, allowing you to easily swap out old models for updated versions, or to install new technology seamlessly.

• Improved Home Security: Incorporating security and surveilliance features, such as cameras, into your smart home network will help you maximize your home security. There are various options for home automation systems containing motion detectors, automated locks and surveillance cameras so that you always know what is going on. You can even set it to receive security alerts in real time!

• Growing Industry: Another advantage to smart homes is that this is a growing industry with technology that is constantly being worked on and improved. This means bigger and smarter tech will be available in the coming years, allowing for even greater cost savings, automation and control.

CONSIDERATIONS FOR SMART HOMES

I bet you are probably pretty excited now that you know what smart homes can do! However, before you jump in there are a couple considerations to keep in mind.

1. How much automation do you want/need?
2. What systems are most important to you (lighting, audio, climate, security, etc)?
3. What is your budget?
4. What are your future plans?

With the right preparation, a smart home can be a dream come true. It is important to understand how much technology you are comfortable with, and what systems are most important to you, so that you can create a plan and a budget to upgrade your current home – or so you know what to look for when you begin shopping.

Smart technology has come a long way! Smart homes are already incredibly intuitive and automated, with more technology and advancements to come. While some of us will always remain the “labor of love” type, many of us have less time and energy than we used to. Smart homes not only help save you money, but time and energy too so you can focus on more important things.

For those of us with a flair for aesthetics or a penchant for history, historic homes offer a unique chance to own something special.

What is a Historic Home?

Typically, for a home to be considered “historic”, it needs to demonstrate rare or outstanding architecture. Typically, historic homes are at least 50 years of age, but it can be younger depending on what it represents in relation to Canadian design.

In addition, the home must be a landmark or hold historical value connected to a notable event, person, or institution in Canadian history.

Considerations for Historic Homes

When it comes to buying a historic home, there are a few additional considerations to keep in mind.

The first is that there are generally special bylaws, permits, and rules for historic homes. Features such as “character-defining” elements of the home, for example, cannot be changed, destroyed, or removed. Depending on the history of the home, there may be other features that require preservation per the story of the home and its significance to history. In some cases, trees or the lawn may also be assigned for conservation.

Due to the preservation goal of historic homes, there are limited things that you can do if you purchase one in terms of renovations. There will be special considerations for any expansions or modifications that will often need to be approved to ensure it does not impact the historical aspects of the home.

Another thing to consider when looking at historic homes is merely the age of the building. This can result in more costly maintenance, especially if the home has outdated elements or structures.

A proper home inspection can help to reveal any areas that may be cause for issues in the future or advise potential updates and renovations that are doable. Overall, you want to evaluate the home to ensure it has solid bones and structural integrity.

Benefits of Historic Homes

For individuals who are highly interested in history and culture, these homes can be an incredible opportunity to own a unique piece of history. Whether from an emotional or intellectual standpoint, this can be a very fulfilling purchase resulting in a one-of-a-kind home with a special link to Canada’s past.

In addition to owning a piece of history, there are more benefits such as joining a community that is committed to preservation with like-minded individuals.

Before diving into homeownership, especially that of a historic home, it is important to ask yourself if you are ready for the responsibility of owning a culturally significant property. Ownership of these properties is a privilege and must always be treated as such.

Get to know the important basics before you choose your mortgage.

You have to be sure you select what is most important to you – lower rates or flexibility. Before you choose a mortgage, take some time to study mortgage types:

Closed Mortgage: If you want consistency with respect to rates and the length of your mortgage agreement, a closed mortgage is best for you. Interest rates are typically lower (and do not change with the length of the term). However, a closed mortgage does not offer much flexibility in paying off your mortgage sooner – with the exception of a once-a-year lump sum payment up to 20% of your entire mortgage.

• Predictability and consistency with respect to payment amount
• Often comes with lower interest rates
• Limited flexibility with paying down the mortgage faster
• Cannot change interest rate during the term of mortgage

Convertible Mortgage: Want the best of both worlds? Then consider a convertible mortgage. Convertible mortgages are flexible yet offer minimal risk. Often with a lower interest rate than an open mortgage, convertible mortgages provide the opportunity to switch to a longer-term closed mortgage without penalty.

• Provides an opportunity to take advantage of lower interest rates and switch to a closed rate without penalty
• Offers lower interest rates than an open mortgage

Open Mortgage: If you are looking for flexibility with regard to paying off your mortgage, consider an open mortgage. No penalty is incurred if you decide to make lump sump payments or pay off your mortgage before the term expires; however, this flexibility comes often with a higher interest rate – which can result in higher monthly payments.

• Maximum flexibility; no penalty for making lump sum payments or paying off your entire mortgage before the term expires
• Higher interest rate
• Best for those looking to pay off their mortgage as soon as possible

Still not sure which type of mortgage is best for you? Contact Me today!

No matter the time of year we are always thinking about where we are now, and where we want to end up. When it comes to your personal goals, a review of your finances and estate should be at the top of your list. Proper estate planning can ensure that you have a stress-free year knowing you are covered!

Is your will up-to-date?

The purpose of a will is to outline your assets and determine how they will be distributed, as well as who will be in charge of managing affairs. Some key components to include in this document are:

• Up-to-date list of your significant assets; note the location if outside your province or outside Canada.
• Who will inherit your assets? And which?
• Outline of where you want assets to pass outside your estate to avoid probate fees (e.g., an insurance policy, an RRSP)? Do this via beneficiary designation.
  • If they are minors, do you have a trust or other provisions in place?
• Is the list of beneficiaries in your will up to date? Have there been recent births, deaths or marriages in your family?
• Have you included alternates in case your named beneficiaries predecease you?
• Do you want to give to charities or other organizations?
• If you have children, have you indicated a guardian and spoken to them?
  • Did you include an alternate in case the guardian you chose is unable to commit?
  • Have you reviewed your choice of guardian as your child grows older?
• Your executor who will carry out your wishes after you die. You can name one executor or two or more co-executors. Be sure to name one or more alternates as well.

Have you assigned a power of attorney?

Another important (and often overlooked!) aspect of estate planning involves naming a power of attorney. This individual is someone you trust to make decisions for you should you become unable to do so due to injury or illness, whether temporary or otherwise.  Power of attorney documents are created for you by a wills and estates lawyer (or notary in Quebec) as part of your estate plan.

Do you have mortgage protection insurance?

Through Manulife Mortgage Protection Plan (MPP), you have the opportunity to add a portable insurance policy to your mortgage that helps protect your loved ones and your home should something unexpected happen to you.  Unlike bank insurance, MPP is a portable life and disability product that you can take with you, from lender to lender and property to property.  This gives you the utmost future flexibility and is unlike bank insurance products which tie you down exclusively to them.  To ensure you get the best rate at renewal, you must have invested in an insurance product like MPP that will give you the freedom to move!

Mortgage life insurance will protect your family’s future by paying out your mortgage should the mortgage holder pass away. Manulife will also make your mortgage payments while your claim is being adjudicated, so there is no added stress for a loved one at an already difficult time.  Mortgage disability insurance will take care of your mortgage payments plus property taxes if you become disabled.  Disabilities from sickness and accidents are relatively common and will affect 1 in 3 borrowers throughout their mortgage amortization.  Manulife provides budget-friendly payment options, the ability to top-up your coverage and so much more.

These are all important aspects to consider to ensure your estate and family will be provided for should something happen. While never a fun topic, it is an important one and the better prepared you are, the better off your loved ones will be.