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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Election Special: Politics, Real Estate, Taxes, and More! | Episode 88Join Mark and Joey in Episode 88 as they prepare for the upcoming Canadian elections! They dive deep into the political landscape, discussing major topics like real estate, taxes, climate change, and healthcare. The duo breaks down the promises of the Conservative, Liberal, and NDP parties, offering insights into how these policies might impact city life, the housing market, and everyday living. Plus, they share their favorite dining spots this week and introduce a new segment on Amazon finds. Don't miss their special message: Be decisive, not divisive!CHAPTERS (00:00 Introduction and Greetings)(00:06 Podcast Overview and Main Topics)(01:24 Easter Weekend and Real Estate Talk)(01:39 Weekly Catch-Up: Food and Fun)(01:58 Election Talk: Platforms and Debates)(03:55 Deep Dive into Political Platforms)(06:31 Dining Experiences and Recommendations)(10:24 Life Updates and Travel Stories)(13:22 Amazon Finds and Recommendations)(14:51 News You Can Use: Elections and Taxes)(31:44 Landlord-Tenant Dynamics)(32:09 Rent Control Debate)(33:20 Corporate Tax and GST)(34:23 Housing Policies)(37:15 Immigration and Housing Supply)(38:54 Development Incentives)(41:27 NIMBY Fines and Municipalities)(42:07 Liberal Housing Proposals)(46:00 NDP Housing Proposals)(47:43 Climate and Energy Policies)(55:14 Healthcare Policies)(59:16 Gun Control and Border Security)(01:01:58 Media and Culture)(01:04:24 Election Predictions and Final Thoughts)LINKSRestaurant Name: Bao HouseWebsite: https://www.bao-house.ca/Address: 171 Dundas St W.Restaurant Name: And/OreWebsite: https://www.andorerestaurant.com/Address: 1040 Queen St. W Toronto, Ontario. CBC's election platform summary: https://newsinteractives.cbc.ca/features/2025/federal-party-platforms/#federal-2025-border-securityUnlocking the Secret to Canada's Tax-Free Home Savings Account:https://youtu.be/wKoexrSwrn0FEEDSPOT TOP CANADIAN REALTOR PODCASTShttps://podcast.feedspot.com/canadian_realtor_podcasts/FEEDSPOT TOP TORONTO PODCASTShttps://podcast.feedspot.com/toronto_podcasts/WHERE YOU CAN FIND US🏡 For all your Toronto Real Estate Needs: TorontoLivings.com/🖥️ INSTAGRAMMark Savel: https://www.instagram.com/torontolivings/Joey Virgilio: https://www.instagram.com/joey_torontolivings/🎙 MORE EPISODEShttps://podcasters.spotify.com/pod/show/toronto-real-estate

Episode 87: Market Update, Delicious Pastries & More!In Episode 87, Joey and Mark provide an in-depth market update for March, discussing the highs and lows. They introduce their new sponsor, a local Portuguese café, and rave about various pastries and snacks. The episode also explores intriguing real estate trends and new listings, offering valuable insights into the current market dynamics. The hosts share personal stories, TV show recommendations, and end on a light-hearted note with a cheers using delicious shrimp patties. Tune in for an engaging mix of market analysis, food reviews, and entertaining banter!FOOD SPOTSPaulinha’s Rissois - THE BEST SHRIMP PATTIES IN THE CITYhttps://www.instagram.com/paulinhasrissois/Send her a DM to order your own!Restaurant Name: Belem CafeWebsite: https://www.cafebelemto.ca/Address: 546 College St, Toronto, ON M6G 1B1Restaurant Name: Paris BaguetteWebsite: https://parisbaguette.ca/Address: 2401 Yonge Street Toronto, ON M4P 3H1(416) 322-3337CHAPTERS (00:00) Introduction and Episode Overview(01:12) Market Update for March(02:35) Culinary Adventures: Local Cafes and Bakeries(07:41) Sponsorship Announcement and Product Review(12:35) Real Estate Market Insights(15:53) March Market Statistics(18:10) Market Trends Overview(19:08) Buyer and Seller Dynamics(20:14) Tax Implications and Property Ladder(21:05) Average Prices and Market Stability(23:15) Days on Market and Inventory Levels(24:45) Segment Performance and Inventory Awards(33:10) Pre-Construction vs. Resale Condos(38:52) Final Thoughts and RecommendationsFEEDSPOT TOP CANADIAN REALTOR PODCASTShttps://podcast.feedspot.com/canadian_realtor_podcasts/FEEDSPOT TOP TORONTO PODCASTShttps://podcast.feedspot.com/toronto_podcasts/WHERE YOU CAN FIND US🏡 For all your Toronto Real Estate Needs: TorontoLivings.com/🖥️ INSTAGRAMMark Savel: https://www.instagram.com/torontolivings/Joey Virgilio: https://www.instagram.com/joey_torontolivings/🎙 MORE EPISODEShttps://podcasters.spotify.com/pod/show/toronto-real-estate