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Email this8:33 am
April 27, 2017
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I don't see a separate forum for this one.
http://www.homequitybank.ca/
Just wondering if people can share their experiences with this institution (history includes Canadian Home Income Plan). It looks like they sell all their GICs through independent deposit brokers only.
8:55 am
December 17, 2016
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I hold a couple of their GICs in my laddered RRSP ... CDIC insured ... probably not much else to say.
Current 5-year GIC @ 2.05% at my brokerage . hardly world-beaters.
5:04 pm
October 21, 2013
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I don't have any opinions about their GICs but I think the whole CHIP plan is a scandal. Their whole business is based on giving older people reverse mortgages. They charge huge fees, which eat into the equity in the house. Seniors who really need cash would be better off to get a line of credit against their home. Even the big banks don't charge as much as CHIP.
So, I wouldn't do business with them even if their GIC rates were good.
5:15 pm
April 7, 2017
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Loonie said
I don't have any opinions about their GICs but I think the whole CHIP plan is a scandal. Their whole business is based on giving older people reverse mortgages. They charge huge fees, which eat into the equity in the house. Seniors who really need cash would be better off to get a line of credit against their home. Even the big banks don't charge as much as CHIP.
So, I wouldn't do business with them even if their GIC rates were good.
Loonie said
I don't have any opinions about their GICs but I think the whole CHIP plan is a scandal. Their whole business is based on giving older people reverse mortgages. They charge huge fees, which eat into the equity in the house. Seniors who really need cash would be better off to get a line of credit against their home. Even the big banks don't charge as much as CHIP.
So, I wouldn't do business with them even if their GIC rates were good.
TOTALLY...the CHIP program promotes agism. My mother used the CHIP program and when she sold her home .... boy the charges!!!! Not a good idea and let's face a good percentage of old folks eventually have to sell as they wind up in a home as they can no longer live alone. While I don't want to talk about substandard practices vs profit living in a home..... but back to CHIP ... since I was my Moms Executor I figured out a better way to accomplish the same at a lower cost.....but I forget!!! Lol. I would go to a good accountant for their ideas vs CHIP.
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