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The economic landscape for young Canadians can be a rugged terrain to navigate. They face uncertainty due to increased interest rates and inflation. This can be frustrating for those just beginning to build their career, considering buying a home or starting a family. If you are a parent, you may wonder how to support your child during this time. The CHIP Reverse Mortgage offers a financial solution that can help you provide a tax-free gift to your loved ones.

One way to support your adult children is by providing them with an early inheritance. This can help them pay for their wedding, start a business, pay off student loans, make a down payment on their home, or use the funds to improve their lives in other ways. By giving an early inheritance, you can avoid probate fees and potentially save money by lowering your tax bracket. Speak to your tax specialist for more information.

You may have considered using a home equity line of credit (HELOC) or liquidating your investments to provide an early inheritance. However, there are disadvantages associated with these options. This includes loss of earnings or tax payable when it’s time to sell your investments. The CHIP Reverse Mortgage offers a solution that allows you to unlock up to 55% of the equity in your home without these challenges. Your investments remain intact, and you are not required to make mortgage payments, so your income is not affected. Best of all, the funds you receive from the CHIP Reverse Mortgage are tax-free!

The CHIP Reverse Mortgage can help you support your loved ones. Contact Vinil for more information.