The Benefits Of A Reverse Mortgage In Bc

People in British Columbia who are sixty years old or older have a few different financing options when it come to receiving a mortgage, such as obtaining a Reverse Mortgage in BC. This type of mortgage is just for seniors who are sixty years old or older who either own a condo or a home. This type of mortgage is different from normal mortgages because it doesn’t involve a regular payment schedule. Instead, it allows people to make monthly payments on the interest and it also allows seniors to simply pay the mortgage back when the home is sold. There are many benefits to a reverse mortgage and this article will focus on three of them.

There is only one lender in Canada that offers Reverse Mortgage in BC, which is CIP Home Income Plan. CHIP has been providing reverse mortgages for over twenty years, which means that they know what they are doing and are very trustworthy. That being said, people shouldn’t worry about doing business with this lender because they are very trustworthy and have been providing these mortgages for people for a very long time. It’s important to trust lenders and CHIP is definitely a lender that can be trusted.

A second benefit to a Reverse Mortgage in BC is that this type of mortgage allows people to still own and control the home at all times. People who obtain this type of mortgage do not give ownership of the home to CHIP. Instead, the ownership of the home will stay with the owners which means that the owners and only the owners own and control the home. It is the exact same thing as traditional mortgages, so ownership of the home is nothing to worry about.

Arguably one of the most important benefits of a Reverse Mortgage in BC is that there is no risk of losing the home. Traditional mortgages do not offer this type of security as people can lose their home if payments are not being made. There is no chance of a default and the loan is guaranteed at all times with CHIP, which is a very important thing for anyone sixty years old or older to remember when considering if a reverse mortgage is a good idea. Hopefully this article has been beneficial to those in British Columbia who are sixty years old or older and are wondering about their home financing options.

Baby Boomers, Retire In Victoria, Bc

Victoria, BC, is the ideal place to retire for the baby boomer generation. According to, Thousands of people just like you are trying to decide where to retire in British Columbia. Our capital city, Victoria, is not just the seat of government. It is the retirement capital of BC — actually of Canada. In Warren R. Bland’s book Retire in Style, he ranks Victoria, BC, as the #1 retirement destination of the sixty cities he investigated throughout the US and Canada. Additionally, Conde Nast Traveler magazine readers voted Victoria the best over-all city in Canada for its environment and ambiance. Macleans magazine also selected Victoria as the number one city in Canada to relocate a family business to.

What’s so special about retiring in Victoria, BC? Well, baby boomers; there is something for everyone here. To begin, Victoria is the capital of British Columbia. Vancouver, host of the 2010 Winter Olympics, is just around the bend. Seattle is also just around the bend (both Vancouver and Seattle are 62 miles from Victoria). Victoria is a waterfront community located on the US/Canada border that was, of course, named after Queen Victoria.

Victoria is Western Canada’s oldest city. You’ll find that it is full of Edwardian architecture, which greatly contributes to its unique charm and character. These Edwardian buildings were constructed during a real estate boom after World War I…fitting for any baby boomer, right? This is evidenced by the fact that Victoria is home to 78,000 people, largely dominated by its retiree population. 6% of the population is over 80 years. 17.8% of Victoria is over 65 years.

Baby boomers are always concerned with the climate when selecting a retirement destination. Victoria is coastal and temperate and has seasons unlike many retirement destinations. Winters are mild and damp. Likewise, summers are mild and mostly dry. If you are concerned about Victoria’s proximity to rainy Seattle, don’t be. Victoria gets 1/3 less rain than the Emerald City. Additionally, the rain shadow effect provides Victoria with more sunshine than surrounding areas. It’s not uncommon to see either palm trees or evergreens in beautiful, lush Victoria.

What will a baby boomer like yourself do with Victoria, BC, real estate? Perhaps you’ll see the Victoria Symphony or a performance by the Royal Theatre. You might take a class or watch a sporting event at the University of Victoria. You might check out one of the numerous local farmers markets, Ballet Victoria, the Victoria Philharmonic Choir, Filberg Art Show, or Pacific Opera Victoria. Golf is year-round in Victoria as well. Victoria also has a bustling antiques and collectibles market. Additionally, you can visit Beacon Hill Park, the Olympic mountain range, the Victoria Bug Zoo (fun for when your grandkids visit), the Art Gallery of Greater Victoria, or the Royal London Wax Museum.

Now is an interesting time to buy real estate in Victoria, BC, because it’s neither a buyer’s or a seller’s market and prices are stable (according to Whether you are looking for a single-family residence, condominium, manufactured home, or townhouse, all are available in virtually all price ranges.

Baby boomers, if you would like more information on retiring in Victoria, BC, contact real estate agent Mark Imhoff at