For many homeowners 55+, the goal is no longer downsizing, but aging in place

Canada’s aging population is creating a growing opportunity for mortgage brokers to help Canadians 55+ adapt their homes to changing lifestyle needs. For many homeowners, the goal is no longer downsizing, but remaining in familiar surroundings. Staying close to family, friends, and support networks has made aging in place a priority, with more than 90% of Canadians saying it will help them maintain their comfort and independence as they grow older.

Achieving those goals often requires home renovations and accessibility upgrades. But financing those improvements can be challenging, especially for retirees whose income may not meet traditional lending requirements.

This is where savvy mortgage brokers can broaden their conversations to include aging-in-place goals and help clients explore financing solutions that support home renovations while preserving financial flexibility throughout retirement.

Growing demand for aging-in-place renovations

Almost 60% of Canadians 55+ say that upgrades and improvements are needed to help them age comfortably in place. Common renovation projects include:

• Improving accessibility between floors of the house
• Improving accessibility from outside the home to inside
• Creating a full bathroom on the main floor
• Bathroom modifications such as walk-in showers, grab bars, and non-slip flooring
• Kitchen modifications that improve accessibility
• Security and medical aid systems
• Improved lighting and mobility-friendly design features

While many of these upgrades may seem modest on their own, costs can add up quickly when multiple renovations are needed or larger projects – such as a new bathroom – are required.

When traditional lending options fall short

You may have experienced this scenario with a client. A retired homeowner wants to renovate, but because of their fixed income and stricter qualification rules, refinancing their mortgage or qualifying for a home equity line of credit (HELOC) is more difficult.

In other cases, a homeowner may qualify for traditional lending but doesn’t want to take on additional debt and monthly payments at a time in their lives when cash flow is less predictable. That’s why many Canadians 55+ are looking for ways to access their home equity while maintaining financial flexibility and preserving cash flow.

Start the conversation earlier

One of the more effective ways to uncover renovation financing opportunities is to recognize the signs that a client may be thinking about aging in place. A client may mention steep stairs becoming more difficult to navigate or wanting to make life at home easier for a spouse. They may even talk about delaying renovations because of financial concerns.

Paying close attention to clients’ needs can open the door to broader conversations about how their home fits into their retirement plans. Consider asking follow-up questions such as:

• What changes would make your home more comfortable and easier to navigate?
• Are cash flow concerns holding back your renovation plans?
• Would you be open to exploring ways to access the equity in your home to age in place?

CHIP Max: An innovative approach to home renovation financing

When traditional lending options are difficult to access or don’t align with a client’s cash flow needs, home equity solutions offer an alternative. CHIP Max is a reverse mortgage solution that can help eligible homeowners access their home equity. It is specifically designed to maximize the initial loan amount for homeowners who are early in retirement – or approaching retirement – and require larger upfront financing.

Unlike a conventional mortgage, clients are not required to make regular payments with CHIP Max as long as they remain in their home, but they are required to keep the property in good condition and stay up to date on property taxes and insurance. The mortgage loan must only be repaid when the homeowner no longer lives in the home.

• CHIP Max can be used for renovations and home modifications that support independent living
• The funds can also be used for a variety of other purposes, including paying down debt, supporting family, building an investment portfolio, and purchasing a vacation property
• CHIP Max is only available in certain locations and is subject to meeting HomeEquity Bank’s credit-granting criteria
• Your clients must be 55+ and their home must be valued at $300,000 or more

Real-world scenarios where CHIP Max can help

Here are a few scenarios where the large upfront cash injection CHIP Max provides might be used.

Creating a safer, more accessible home for the future. A retired couple wants to remain in their home for as long as possible, but they know it needs significant upgrades to support their mobility. They plan to add a main-floor bathroom with a walk-in shower and accessibility features, install a stair lift, widen doorways, and improve lighting throughout the home. With most of their wealth tied up in their property and limited retirement income, traditional financing isn’t the right fit. CHIP Max gives them access to a larger amount of their home equity so they can complete the renovations without having to make monthly mortgage payments.

Purchasing a vacation property. A 70-year-old homeowner has always dreamed of owning a lakeside cottage where family can gather for years to come. She doesn’t want to sell her investment portfolio or reduce her retirement income to fund the purchase, but she does have significant home equity. CHIP Max provides access to a larger portion of her home equity, giving her the flexibility to make a substantial down payment on a vacation property while continuing to enjoy the home she lives in today.

Build a more complete lending toolkit

For homeowners aged 55 and older, aging-in-place renovations are more than simply home improvements. They are investments in independence, comfort, and their future.

Expanding your product offerings with solutions that align with these changing realities can help you deliver real value to your clients. By understanding when traditional lending may fall short – and where solutions like CHIP Max might fit – you can uncover new opportunities, support meaningful client outcomes, and build a stronger business.

Partnering with HomeEquity Bank

HomeEquity Bank is dedicated exclusively to serving Canadians aged 55+ with solutions like CHIP Max and the CHIP Reverse Mortgage. As the only bank in Canada specializing in this demographic, we offer unparalleled expertise and trust.

To learn more about CHIP Max and how it can help support renovation and aging-in-place solutions for clients, contact your HomeEquity Bank BDM or BDA, or visit HEBAdvisor.ca.

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Last modified: July 21, 2026