Using your Equity Wisely: Reverse Mortgages, Lead the Way!

approved-1049259__180With a reverse mortgage, Canadian homeowners 55+ have the ability to access cash they need when they retire, make a major purchase, pay off debt, pay for living expenses, or help kids buy a house or travel.

With a reverse mortgage, homeowners can access their equity and still stay in their home for as long as they choose. This can eliminate the need to move or downsize, and avoids the high costs related to selling a property.

For a homeowner that is nearing retirement, there are choices. With a reverse mortgage, owners get the best of all of the choices:

 

ONE: STAY

Stay in their home and take out up to 55%* of the equity.

TWO: FULL OWNERSHIP

Homeowners maintain full ownership and are not required to make monthly mortgage payments until the decision is made to sell the house or move.

THREE: TAX-FREE

Money received is tax-free.

Discuss this option with a financial advisor, because using cash from home equity means there is no need to disturb the income stream from RRSP/RRIF plans. In fact, depending on the level of annual pension income, home owners may well have access to the Guaranteed Income Supplement.

So, with a reverse mortgage homeowners can stay in their home, have cash that they need and continue to benefit from price increases in the value of the home. To learn more, speak to your financial adviser or mortgage broker.

The Reverse Mortgage process is simple and the lender is HomEquity Bank, a Schedule I Canadian Bank.

 

Text by Bob Herr

Written by Canadian Home Trends

Canadian Home Trends

Canadian Home Trends magazine gives you a personal tour of the most stunning homes and condos across Canada. You’ll be inspired by a selection of accessible home décor products, trend reports, simple yet stylish DIY projects, and much more. In each issue, you are given the tools to recreate designer spaces you’ve always dreamt of having at home, in-depth renovation and design advice, colour palette and furniture pairings, and Canada’s best places to shop.

About Canadian Home Trends 1574 Articles
Canadian Home Trends magazine gives you a personal tour of the most stunning homes and condos across Canada. You'll be inspired by a selection of accessible home décor products, trend reports, simple yet stylish DIY projects, and much more. In each issue, you are given the tools to recreate designer spaces you've always dreamt of having at home, in-depth renovation and design advice, colour palette and furniture pairings, and Canada's best places to shop.

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