How to Talk to Your Parents about Reverse Mortgages.

General Trish Pigott 26 Apr

Some more good information about Reverse Mortgages from the Dominion Lending Centres House Blog. 

Talking about money is one of the last taboos and can make people feel very uncomfortable – a feeling that’s only amplified when it comes to talking about your parents’ money. However, when a conversation is difficult, that normally means it’s worthwhile having; and getting transparency on your parents’ financial situation can help you help them make the best financial decisions for their future.

If you think a reverse mortgage would be beneficial to your parents, we’ve put together some top tips to help you broach the topic with them.

Sensitivity is Key

Your parents may feel uncomfortable talking about their finances with you, especially if they have any worries regarding their situation, so be sure to approach any financial talk with sensitivity. Listen to them, show empathy, give them the space to speak, and show your willingness to help them find the solution that works for them.

You might also want to reassure them that you have no expectations regarding inheritance and that you’d rather they live their retirement the way they’ve always wanted.

Choose the Right Time

Conversations around finances mustn’t be rushed so set a date for the conversation when you both have plenty of time. If possible, meet up face to face and give the conversation your full attention – don’t do chores as you talk.

Start the Conversation Right

There are several ways of broaching the topic of reverse mortgages with your parents. If you’re comfortable being direct, you could simply ask: “Mom, are your finances ok?”.

If you’d rather be more subtle, you could start the conversation in a more roundabout way. Perhaps you could ask about the house and whether there’s anything they’d like to update, or maybe you ask about their retirement and whether they’re able to do all the things they’d like to.

These conversations can lead naturally into a discussion about monthly income, assets, and savings and provide an opportunity to explore how the reverse mortgage can help them increase their cash flow and boost their standard of living – all while staying in their own home!

Come Prepared

While you don’t need to prepare an entire script, it’s a good idea to think about what you’ll say beforehand. Do some research on the CHIP Reverse Mortgage and get a clear idea of how it would benefit your parents. Think about the questions they might have and come up with some answers.

It’s also a good idea to bring resources with you such as a CHIP Reverse Mortgage brochure or our new book Home Run: The Reverse Mortgage Advantage, which takes a deep dive into using reverse mortgages as a strategic retirement tool.

Follow Up the Conversation

Don’t ask for a reaction or any kind of decision right away. Give your parents time to digest what you’ve spoken about, re-read any information you’ve given them, and think about any questions they have. Don’t expect one chat to accomplish everything, follow up in the next few days with a call.

Talking about finances is difficult at the best of times – even more so when the finances in question are your parents’. But hopefully, with the help of these tips, it’s a conversation you’ll now find easier to have. ~ This article was provided to DLC from Sue Pimento

If you have any further questions about reverse mortgages, or would like to see if this would work for you and your family, you can contact us at 604-552-6190, email us at or CLICK HERE to book a free call with Trish!

Trish & The Primex Team 


How to provide a tax-free gift to your children with the CHIP Reverse Mortgage.

Home Tips Trish Pigott 19 Apr

The current economic landscape can be challenging for young Canadians to navigate as they face uncertainty with heightened interest rates and inflation.

This can be frustrating as they are just starting to build their career, considering buying a home or starting a family. If you are a parent, you may be thinking about how you can help your child during this period.

The CHIP Reverse Mortgage by HomeEquity Bank is a sound financial solution that can help you support your loved ones by providing a tax-free gift.

The Gift of Early Inheritance 

As a parent, you may want to provide an early inheritance to see your adult children use the funds to improve their lives in a time of need.

By giving an early inheritance, you can avoid probate fees (estate administration tax) and save money by bringing you to a lower tax bracket (*HomeEquity Bank requires all clients to receive independent legal advice to review the mortgage contract and ensure they fully understand the terms and conditions). With an early inheritance, your children can pay for their wedding, start a business, pay off student loans, make a down payment on their home, and much more.

Speak to your tax specialist for more details.

How the CHIP Reverse Mortgage Works

You may have heard of people using a home equity line of credit (HELOC) or liquidating their investments to give an early inheritance. However, there are disadvantages associated with loss of earnings or tax payable when it is time to sell their investments.

The CHIP Reverse Mortgage by HomeEquity Bank allows you to unlock up to 55% of the equity in your home without any of these challenges. With the CHIP Reverse Mortgage, your investments remain intact, and no monthly mortgage payments are required. Therefore, your income is not affected, and best of all, the money you get from the CHIP Reverse Mortgage is tax-free!

Interested in giving a gift to your children or would like to know more about eh CHIP Reverse Mortgage? Contact us at 604-552-6190 to find out if this product is right for you and your family.

You can also CLICK HERE to book a free call with Trish to review your mortgage!

Trish & The Primex Team 

Bank of Canada’s April Announcement & What This Means For You.

General Trish Pigott 12 Apr

The Bank Of Canada announced this morning to keep their key overnight rate of 4.5%. As the Bank is still waiting to assess the impact of its previous eight consecutive rate hikes.

Previous Bank of Canada announcement also decided to keep the current interest rate. But It was threatened that it was conditional, making it clear that they will be ready to raise interest rates further if inflation doesn’t come down quickly enough.

Most forecasters expected the Bank to leave its key lending rate at 4.5% this Wednesday morning. Investors seem to agree, with trading on the overnight swaps market indicating less than a 10% chance of a change. But CIBC chief economist Avery Shenfeld says the bank may add cautionary language to its announcement that it could restart its inflation-fighting rate hikes again.

The Bank of Canada says they expect the annual inflation rate to fall to around 2-3% by mid-year. However, the poll suggests that inflation is still running at 5.2%, well over twice the BoC’s 2% target.

In March, the BoC became the first major central bank to stop its aggressive hiking cycle and is currently on a conditional pause. A majority of forecasters in the Reuters poll, 23 out of 31, believe that the rate will remain unchanged for the rest of 2023.

The BoC Deputy Governor Toni Gravelle said the Canadian banking system had a well-earned international reputation for stability, suggesting that policymakers are more focused on inflation and how the economy is performing.

Have questions about today’s announcement? Don’t hesitate to contact us at the office at 604-552-6190. Or you can CLICK HERE to book a quick call to review your mortgage!

Trish & The Primex Team 

Are you 55+?

General Trish Pigott 5 Apr

Are you 55+? Or are your loved ones retired?

Did you know that there is a great product for those 55+ to access their home’s equity tax free and not make any mortgage payments?

A reverse mortgage is a versatile and flexible financial solution for Canadians in their retirement years. Homeowners 55+ are unlocking their home equity for tax-free funds that don’t have to be repaid until they decide to sell their homes.

Contrary to popular belief, with a reverse mortgage the homeowner will remain on the title and ownership of the home. It will also pay off your conventional mortgage along with any other secured debt, and requires no monthly payments as long as the homeowner is living in the home. But HomeEquity Bank can secure up to three properties for a client.

Consider these four reasons Canadians 55+ turn to the CHIP Reverse Mortgage by HomeEquity Bank:

  1. Alleviate the stress of debt.

You are struggling with mortgage payments and credit card bills, prefer not to tap into savings or investment portfolios, or are incurring more debt due to unavoidable expenses.

  1. Pay for unplanned expenses.

You are faced with unexpected home repairs such as a leaky roof, retrofitting for mobility reasons, or need to hire in-home healthcare to assist with day-to-day.

  1. Want to live life to the fullest.

You have more time to do the things you want – but not the funds. For example, you want to purchase a summer property or take your dream vacation.

  1. Maintain a standard of living.

You are experiencing a shortfall in your retirement funds while trying to maintain the lifestyle you and your family are accustomed to.


If the above relates to you, don’t hesitate to contact us to find out what a reverse mortgage could do for your household.

You can contact our office at  604-552-6190 or you can CLICK HERE to book a call with Trish!

Never hesitate to contact us if you have any questions at all!


Trish & The Primex Team