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

The Home Inspection Horror Show: Red Flags to Watch Out For | Episode 85In Episode 85, Joey and Mark dive deep into the essential red flags to watch out for during home inspections. They share personal anecdotes, practical tips, and professional insights to help potential home buyers navigate common pitfalls. The duo covers a wide array of topics, including cosmetic coverup scams, permits, foundation issues, electrical wiring, and the importance of working with experienced realtors and home inspectors. They also touch on the quirks of buying older homes, the dangers of outdated systems like knob and tube wiring, and the hidden costs of repairs and upgrades. Additionally, Joey shares his humorous experience with goat yoga, while Mark gives food rave reviews and restaurant shout-outs. Enjoy the episode and gain valuable insights to keep you out of the 'danger zone' in your home-buying journey.CHAPTERS (00:00) Introduction and Episode Teaser(01:09) Welcoming the Audience(01:25) Plant Talk and Donations(03:06) Home Inspection Horror Show(03:44) Call to Action and Viewer Engagement(05:12) Weekly Recap: Goat Yoga and Food Adventures(14:59) DoorDash and Klarna Partnership(20:28) Home Inspection Red Flags(27:59) Foundation and Waterproofing Basics(28:25) Identifying Water Issues(28:52) Grading and Landscaping Tips(29:42) Basement and Dehumidifier Insights(30:24) Moisture Detection and Tools(32:51) Roof Inspection Tips(36:44) Wiring and Electrical Concerns(41:08) Red Flags and Heritage Homes(43:25) Oil Tanks and Hidden Issues(44:36) Final Takeaways and AdviceFEEDSPOT 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

SHOW NOTESAvoid These 6 Major Mistakes After Getting Pre-Approved for a Mortgage!In this episode, Mark and Joey dive into critical advice for those freshly pre-approved for a mortgage. They address common mistakes to avoid, such as changing jobs, making large purchases, or increasing credit card debt, and emphasize the importance of not 'rock the boat' until your mortgage is finalized. The chat also covers personal anecdotes and some fun sidetracks about favourite eateries, the excitement for F1 races, and new podcast studio upgrades. Tune in for valuable insights and some entertaining banter!CHAPTERS (00:00) Introduction and Setting the Scene(01:03) Podcast Upgrades and New Additions(01:43) Client-Inspired Episode: Career Changes and Pre-Approval(02:51) Weekly Catch-Up: Food Adventures(03:46) Kitchen Hub Stories and Food Comparisons(12:56) Listener Contributions and Studio Upgrades(19:58) Real Estate Market Insights and Success Stories(26:15) Understanding Pre-Approval(26:58) What Pre-Approval Actually Means(29:31) The Importance of Stability: Job Changes(33:38) Avoid Big Purchases(35:22) Managing Credit Card Debt(37:41) Timely Payments Matter(42:26) Red Flag Buildings(45:41) Final Tips and RecapWe Buy Canadianhttps://www.instagram.com/webuycanadian/https://kitchenhub.com/1121 Castlefield Ave, York, ON M6B 1E8Belly Buster Submarines3447 Yonge St, Toronto, ON M4N 2N2FEEDSPOT 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

SHOW NOTESJoin Joey and Mark as they introduce their brand-new podcast studio at the Toronto London University Podcast Show. In this episode, they discuss the February market update, including trends in real estate sales, average prices, and market dynamics. They share personal anecdotes about recent events, dining experiences, and their Lent challenges. The duo also talks about the rise of condos and detached homes, and how changing interest rates could play a role in future market conditions. Don't miss their shoutouts to SAGE Realty, Collingwood whiskey, and more!CHAPTERS (00:00) Welcome to the New Studio Space(00:12) Discussing the Market and Conspiracies(01:07) Upgrading Our Podcast Studio(02:01) Supporting Local and Market Updates(02:52) Exploring the Castle Field Design District(03:43) Reflecting on Our Podcast Journey(08:34) Event Highlights and Fine Dining(15:11) Lent and Personal Challenges(18:08) Toronto's Birthday and City Strike(20:36) Real Estate Updates and Garden Suites(22:44) Comedy Bar Experience(24:05) Reflecting on February's Market(25:30) February's Real Estate Transactions(28:45) Analyzing Property Types and Prices(37:32) Months of Inventory Explained(39:52) February's Historical Significance(45:23) Investment Insights and Market Fundamentals(48:52) Shoutouts and Closing RemarksFEEDSPOT 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

Special Assessments in Condos Explained | Toronto Livings Podcast Episode 82SHOW NOTESIn Episode 82 of the Toronto Livings Podcast, Mark and Joey dive deep into the topic of special assessments for condos. They discuss everything you need to know whether you're buying, selling, or currently owning a condo facing a potential special assessment. With valuable insights on how to navigate this complex subject, including real-life examples and tips for both buyers and sellers, this episode is packed with essential information. Plus, hear about their latest adventures, including ice fishing and a visit to Second City, and the sad farewell to a favourite sushi spot. Don't miss out on this highly informative and entertaining episode!CHAPTERS (00:00) Introduction and Episode Overview(02:29) Ice Fishing Adventure(07:07) Second City Comedy Night(11:27) Sushi Restaurant Closure(15:21) New Listings and Garden Suite Rental(19:26) Understanding Special Assessments(29:22) Understanding Building Diagnostics(30:10) The Complexity of Condo Living(31:19) Major Repairs and Special Assessments(31:43) Case Study: Special Assessments in Action(34:35) Financial Management and Special Assessments(37:57) Legal Matters and Special Assessments(46:59) Navigating Special Assessments as a Buyer(51:53) Navigating Special Assessments as a Seller(57:08) Final Thoughts and Practical AdviceFEEDSPOT 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