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Reverse Mortgages - How They Work
We're so happy with this ...we want to suggest it to others because we want them to experience the same freedom.
~ Ruth and Max Beerli
Did you know:
When you become 62 or older, the Canadian Income Plan Reverse Mortgage can convert 10% to 40% of your home's value into cash.
The specific amount available to you is based upon your age and that of your spouse and upon the location and type of home you own.
No repayment is required while you or your spouse continue living in your home.
The full amount only becomes due upon the death of the last surviving spouse or when your home is sold.
You have the option to repay in full at any time.
Interest is added to the outstanding balance. Interest is compounded semi-annually.
You have the option to repay interest annually or biannually on the mortgage anniversary date.
What Seniors Say...
...the best thing about this money is...it's all tax-fee!"
~ Audrey Watson
...a very attractive way of getting money out of savings. You don't have to say well, maybe next year we'll do this. If we decide we want to do it, we can do it.
~ Bud Watson
Wealth building opportunities:
Proceeds from your reverse mortgage are received tax-free and will not be added to your taxable income.
The money will not affect your eligibility for government benefits. Accessing Money from your home equity allows you to preserve your other investments.
Financial Freedom: There are no restrictions on how you choose to use the money from your reverse mortgage with one exception. Any outstanding loans secured by your home must be retired with reverse mortgage proceeds.
You can use the money to fund a new business or hobby.
The money can give you the flexibility to help your family now, so you can have the pleasure seeing them enjoy it.
The extra money can take the pressure off managing your expenses today, as well as the inevitable increases of tomorrow.
Reverse mortgage: Is the Canadian Home Income Plan right for you?
Since 1986 thousands of seniors use this financial opportunity in their retirement.
Is it right for you? Would you like to know more? Contact us today to learn more.
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