Unlocking financial freedom: How Canadians over 55 years old can imagine retirement again

pioneering research, Get free: embrace growth, meet and financial status as you age¹,,,,, It is found that when basic needs are met, Canadians will gain greater happiness, financial security and a more positive prospect as they age. It also discovers a deep desire for financial freedom, which affects every aspect of life.

For mortgage brokers, helping Canadians over 55 secure their financial future is not only an important business opportunity, but also an opportunity to better connect with clients and help them live independently throughout their retirement period.

“Golden Triangle of Happiness” and Financial Status

Obtaining a free survey identified three key factors that bring happiness and satisfaction. Together, these form the “golden triangle of happiness”.

1. Financial control. Financial well-being is less than absolute wealth and more related to controlling feelings. When customers feel their financial situation, stress levels will decrease and overall quality of life will improve.
2. Strong interpersonal relationships. Building and maintaining meaningful connections with family and loved ones can enhance emotional well-being, creating a sense of support and well-being.
3. A sense of purpose. Pursuing goals, contributing to the community and finding personal achievements is indispensable for a beneficial life.

It is no surprise that these factors are the key to living a fulfilling life. However, what is particularly revealed in the survey is that financial health does not mean accumulating wealth, but rather controls one’s own financial choices. This sense of empowerment is closely linked to another important discovery – freedom is the desire Canadians become key as they age, aligning with their priorities for change.

Freedom: The core wish of aging Canadians

The freelance studies obtained show that freedom is the core aspiration for Canadians aged 45 and over, both practically and emotionally. It covers emotional needs such as living independently, pursuing meaningful life, and practical and personal goals such as financial security and travel.

The desire for freedom continues to evolve throughout the retirement journey. The study found in the 1950s and 1960s that Canadians prioritized financial security and independence. By the 1970s and 1980s, aspirations expanded to include personal achievements and legacy for loved ones.

Understanding your customers’ evolving goals can help you provide tailored solutions that directly illustrate their needs at every stage of your journey.

• did you know? Canadians over 55 have more than $2.5 trillion in home equity wealth.

Home ownership provides security to meet financial needs

Another key investigation found that home ownership not only provides a place to live—it is a source of security, stability and opportunity. More than 80% of respondents said living in their homes is crucial to their quality of life.

But despite their amassing of home equity wealth, older Canadians still face economic uncertainty. Two-thirds of Canadians over 55 are responsible for credit card debt, more than 40% of surveyed people feel unable to support their children’s goals (such as home ownership), and 60% hope they can contribute more to charity in their communities.

Homeowners recognize the potential of using home net worth as a financial tool. In fact, one in five respondents aged 55 or better said they were willing to use home equity to meet the needs of debt consolidation, renovation, travel and support family members.

By helping clients unlock the value of their homes, you can help them meet their financial needs and personal aspirations.

How reverse mortgage helps

Reverse mortgages offer a unique solution for 55-year-old homeowners and better access to their home equity and tax-free cash while retaining ownership and independence. Some key benefits include:

• No monthly payment. Clients can retain their portfolio while meeting more direct financial needs.
• Flexible use. Reverse mortgages can be used for a variety of purposes, including debt consolidation, helping children buy their first home or enhancing their lifestyle expenses.
• Age is in place. Clients can stay in their favorite homes to ensure financial freedom and stability.

A viable strategy for mortgage brokers

This is the freedom of how mortgage brokers can leverage the insights of gaining freedom to help their 55+ clients grow their business while financially successful.

1. Education of clients for home equity solutions. Your clients may not realize that home equity can be a valuable resource for financial freedom. Chair information meetings or one-on-one consultations to explain their choices, such as reverse mortgages.
2. Focus on desires, not limitations. Positioning housing equity solutions as tools to enhance freedom and achievement, not just debt management. Emphasize how clients use their home net worth to support their families, pursue passion or improve their lifestyle.
3. Meet emotional and practical needs. Recognize that client priorities include financial security and personal performance. Tailor your advice to align with their values ​​and goals.
4. Use personal relationships. Build strong connections with customers. Trust and understanding are crucial when working with older homeowners who may be concerned about their financial decisions.
5. Please understand the market trends. Familiar with population trends and market insights, such as the trend to obtain free research, so you can become a trusted consultant.

Work with Home Equity Bank

For 37 years, Home Equity Bank has been providing reverse mortgage solutions for Canadians over 55 years, such as CHIP RERVERSERTAGE. As the only bank in Canada specializing in this population, we provide unparalleled expertise and trust.

• Recognized by Carp and Legion: Prove our commitment to retirees.
• Pension Plan Trust by Ontario Teachers: Our alignment with the OTPP’s vision emphasizes our dedication to improving the lives of senior Canadians.

To learn more about CHIP, contact your HomeEquity Bank bdm/bda at chipadvisor.ca/bdm/ or visit chipadvisor.ca for more information.

¹Source: DIG Insights Survey’s findings were conducted on behalf of Home Equity Bank from July 22, 2024 to August 2, 2024, and gain freedom: Acceptance, realization and financial status as you age.

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Last modified: March 4, 2025