What Is a CHIP Reverse Mortgage: Lifeline or Landline? | Episode 89

Episode 89: The Ultimate Guide to CHIP Reverse Mortgages!

In this episode, Mark and Joey deep dive into the world of reverse mortgages, specifically the CHIP reverse mortgage. They discuss the pros, cons, and unexpected costs of this financial tool, and who it might be best suited for.

Beyond finances, they cover personal updates, including their mustache-growing challenge, recent outings, and activities like trying new sandwich shops and attending Metallica concerts. Plus, they share exciting new real estate opportunities and touch on Toronto's proposed traffic czar solution.

This episode is a blend of financial advice, personal stories, and local happenings—perfect for fans who enjoy a mix of humor and valuable information.

CHAPTERS

(00:00) Introduction and Episode Overview

(01:34) Mustache Talk and Playoff Challenges

(05:43) Sandwich Shop Review and Hockey Game Vibes

(10:09) Metallica Concert Experience

(14:58) Traffic Solutions and City Proposals

(21:08) Reverse Mortgages Explained

(28:03) The Dangers of Big Windfalls

(28:25) Scheduled Advances and Hybrid Options

(28:46) No Monthly Payments: The Big Kicker

(29:17) How Lenders Get Paid Back

(30:20) Pros and Cons of Reverse Mortgages

(38:23) Unexpected Costs and Red Flags

(47:41) Alternatives to Reverse Mortgages

(54:09) Key Considerations and Final Thoughts

Restaurant Name: Ariete e Toro (Aries and Torus)

Website: https://arietetoro.com/

Address: 12 Keewatin Ave. Toronto, Canada M4P 1Y2

Additional Resources

Reverse Mortgages: Government of Canada - https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reverse-mortgages.html?utm_source=chatgpt.com

HomeEquity Bank – Pros and Cons: CHIP - https://www.chip.ca/reverse-mortgage-resources/reverse-mortgage/the-pros-and-cons-of-reverse-mortgages/?utm_source=chatgpt.com

NerdWallet Canada – Reverse Mortgages Explained: NerdWallet: Finance smarter - https://www.nerdwallet.com/ca/mortgages/what-is-a-reverse-mortgage?utm_source=chatgpt.com

The Greater Fool - The Last Resort https://www.greaterfool.ca/2023/02/12/the-last-resort/

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Joey Virgilio: https://www.instagram.com/joey_torontolivings/

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