Trirutile-type LiFe$_2$F$_6$ is a charge-ordered material with Fe$^{2+}$/Fe$^{3+}$ configuration. Here its physical properties, including magnetism, electronic structure, phase transition, and charge ordering, are studied theoretically. On one hand, the charge ordering leads to improper ferroelectricity with a large polarization. On the other hand, its magnetic ground state can be tuned from the antiferromagnetic to ferrimagnetic by moderate compressive strain. Thus, LiFe$_2$F$_6$ can be a rare multiferroic with both large magnetization and polarization. Most importantly, since the charge ordering is the common ingredient for both ferroelectricity and magnetization, the net magnetization may be fully switched by flipping the polarization, rendering intrinsically strong magnetoelectric effect and desirable function.
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