The groundbreaking study, Attaining Freedom: Embracing Growth, Fulfillment, and Financial Health As We Age1, found that when essential needs are met, Canadians experience greater happiness, financial security, and a more positive outlook as they age. It also uncovered a profound desire for financial freedom among those 55+ that influences all aspects of their lives.
For mortgage brokers, helping Canadians age 55+ secure their financial future is not just a significant business opportunity, but a chance to better connect with clients and help them live fulfilling, independent lives throughout retirement.
The “Golden Triangle of Happiness” and financial well-being
The Attaining Freedom survey identifies three key factors that drive happiness and satisfaction. Together, these form the “Golden Triangle of Happiness.”
- Financial control. Financial well-being is less about absolute wealth and more about feelings of control. When clients feel in charge of their finances, stress levels decrease and their overall quality of life improves.
- Strong personal relationships. Building and maintaining meaningful connections with family and loved ones enhances emotional well-being, creating a sense of support and happiness.
- Sense of purpose. Pursuing goals, contributing to the community, and finding personal fulfillment are integral to a rewarding life.
It’s not surprising that these factors are key to living a fulfilling life. But what is especially revealing in the survey is that financial health does not mean accumulating wealth, but about being in control over one’s financial choices. This sense of empowerment is closely tied to another important finding — that freedom is a key aspiration for Canadians as they age, aligning with their shifting priorities.
Freedom: The core aspiration of aging Canadians
The Attaining Freedom study revealed that freedom is a central aspiration for Canadians age 45 and older, both practically and emotionally. It encompasses emotional needs like living independently and pursuing meaningful lives, along with practical and personal goals, such as financial security and travel.
This desire for freedom evolves throughout the retirement journey. In their 50s and 60s, the study found that Canadians prioritize maintaining financial security and independence. By their 70s and 80s, aspirations expand to include personal fulfillment and leaving a legacy for loved ones.
Understanding your clients’ evolving goals can help you offer tailored solutions that speak directly to their needs at each stage of their journey.
- Did you know? Canadians 55+ have more than $2.5 trillion in home equity wealth.
Homeownership provides security in addressing financial needs
Another key survey finding is that homeownership provides more than just a place to live — it’s a source of security, stability, and opportunity. More than 80% of respondents say that staying in their homes is crucial to their quality of life.
However, despite the home equity wealth they’ve accumulated, older Canadians still face financial uncertainties. Two-thirds of Canadians 55+ are carrying credit card debt, more than 40% of those surveyed feel unable to support their children’s goals (such as home ownership), and 60% wish they could contribute more to charitable causes in their community.
Homeowners recognize the potential of tapping into home equity as a financial tool. In fact, two in five survey respondents aged 55 or better say they are open to using home equity to address needs like debt consolidation, renovations, travel, and supporting family members.
By helping clients unlock the value of their homes, you can help them address their financial needs and personal aspirations.
How reverse mortgages can help
Reverse mortgages offer a unique solution for homeowners age 55 and better to access their home equity and receive tax-free cash, all while retaining ownership and independence. Some of the key benefits include:
- No monthly payments. Clients can preserve their investment portfolios while addressing more immediate financial needs.
- Flexible uses. Reverse mortgages can be used for various purposes, including debt consolidation, helping a child purchase their first home, or enhancing lifestyle expenses.
- Age in place. Clients can remain in the homes they love, securing both financial freedom and stability.
Actionable strategies for mortgage brokers
Here’s how mortgage brokers can leverage the insights from Attaining Freedom to help their 55+ clients get ahead financially while also growing their businesses.
- Educate clients on home equity solutions. Your clients may not realize that home equity can be a valuable resource for attaining financial freedom. Host informational sessions or one-on-one consultations to explain their options, such as a reverse mortgage.
- Focus on aspirations, not limitations. Position home equity solutions as tools for enhancing freedom and fulfillment, not just debt management. Highlight how clients can use home equity to support their family, pursue passions, or improve their lifestyle.
- Address emotional and practical needs. Recognize that clients’ priorities include both financial security and personal fulfillment. Tailor your advice to align with their values and goals.
- Leverage personal relationships. Develop strong connections with your clients. Trust and understanding are crucial when working with older homeowners who may have concerns about their financial decisions.
- Stay informed on market trends. Familiarize yourself with demographic trends and market insights, like those from the Attaining Freedom study, so you can remain a trusted advisor.
Partnering with HomeEquity Bank
For over 37 years, HomeEquity Bank has been dedicated exclusively to serving Canadians age 55+ with reverse mortgage solutions, like the CHIP Reverse Mortgage. As the only bank in Canada specializing in this demographic, we offer unparalleled expertise and trust.
- Endorsed by CARP and Legion: A testament to our commitment to retirees.
- Trusted by Ontario Teachers’ Pension Plan: Our alignment with OTPP’s vision underscores our dedication to enhancing the lives of older Canadians.
To learn more about CHIP, contact your HomeEquity Bank BDM/BDA at chipadvisor.ca/bdm/ or visit chipadvisor.ca for more information.
1Source: Findings from Dig Insights survey conducted between July 22 and August 2, 2024, on behalf of HomeEquity Bank, Attaining Freedom: Embracing Growth, Fulfillment, and Financial Health as We Age.
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Last modified: March 4, 2025
