The seminars are currently scheduled for November 16 and 30. Please call our Office Manager at 705-532-1182 or 866-496-4028 to book the seminar most convenient for you..
As retiring seniors approach a new stage in their lives, they are faced with a common question: How do I facilitate a financially comfortable retirement? In developing a financial plan, senior homeowners can leverage the equity in their home to help finance their retirement.
Reverse Mortgages are a common financing choice available for seniors that unlock the value in their home. It allows seniors to unlock equity in their home tax free and can lead to a fulfilling retirement. There are no medical checks and no regular payments.
Today 51% of seniors carry debt into retirement with retirees having a 50% chance of living until they are 92. It is of concern that 50% of retirees believe they will run out of money within 10 years.
CHIP Reverse Mortgage
The Reverse Mortgage allows homeowners to access cash without making any payments until the home is sold. All interest payments are added to the final repayment, which is covered by the proceeds of the sale of the home. Homeowners in Canada over the age of 55 can secure up to 55% of their primary resident’s value, regardless of the homeowner’s credit score or fixed income.
This choice is excellent for those who would like to receive cash up front, tax free, without having to worry about making monthly interest payments.
About 91% of Canadian Boomers want to stay in their home or current neighborhood and live independently as long as possible. With a CHIP Reverse Mortgage these desires are accessible to more Canadians.
These alternatives are often better considerations than accumulating other consumer loans and credit card debt at higher interest rates. Canadian conservatism has dictated a reluctance on behalf of seniors to unlock the equity in their homes. This is changing with over 450 million in reverse mortgages being granted in Canada in 2016, a 26% increase over 2015.
For more information and a deeper discussion on Reverse Mortgages refer to our Blog Post: Reverse Mortgages: Unlocking the Mystery for Seniors.
He will treat your mortgage as his own.