Do you have the funds to live in retirement that you've been dreaming of? If you're like many Canadians you may find yourself house rich but short on funds for everyday expenses, or the travel you've always wanted. The good news is that if you're a homeowner 55 plus there's a solution to help you live the life you've always imagined.
I'm about to turn 82 myself, and wish I'd taken advantage of this option before I sold my house. I sold in 2016 and now my former home is worth twice what I sold it for.
You can access up to 55 % of your home's value with a Reverse Mortgage . You retain 100% ownership of your home. The title and ownership of your home belong to you and not the bank. There are several bank and other lenders that offer Reverse Mortgage Products and I can help you select the one best for you. The amount you would get from a Reverse Mortgage is considerably less the younger you are. This product works best for those in late 70's and 80's.
The money you get is tax free. It also doesn't impact your OAS, or Guaranteed Income Supplement.
You decide how to spend the money you get. You can use the net proceeds from your Reverse Mortgage to pay off existing mortgage, other hugh interest loans and credit cards ,make home renos or retrofits, pay unexpected expenses, financially help children or grandchildren, or purchase a second property.
There are NO regular mortgage payments required. Once you decide to leave your home, the interest and principal and any applicable charges are simply paid off from the proceeds of the home sale. You are still required to maintain your property taxes, fire insurance, and condominium or maintenance fees.
NO negative equity guarantee. You will never owe more than the fair market value of your home.
Lets talk about the retirement fund potential of your home. Give me a call 250-228-5980 or text to find out more. I am 81 years old and missed the opportunity to use this funding as I sold my home, so am very familiar with the issues.