Discover How Your Home Can Help You Live a Better Retirement
Saving enough for your retirement in Canada can be a challenge. As the average life expectancy continues to rise, retirement savings are being stretched further over many more years.
Today, many Canadians are looking for ways to supplement their income as they enjoy their golden years. All too often, retirees are not fully aware of all of their financial options and consider downsizing their home and leaving the community that they love in order to make ends meet.
Fortunately, there is a way you can acquire the money you need without having to move or sell your home. I’d like to introduce you to our Hotline Retiree Program. Our Hotline Retiree program allows you to access up to 55% of the equity in your home as tax-free money. Not only are you being able to retain ownership, but there are no monthly payments for as long as you live in the home.
Related Article: Why is Saving Money So Hard?
Let’s get into the details
For illustration purposes only:
Let’s say you own a house and you have $100,000 left on your mortgage. For arguments sake let’s assume that in today’s market your house is worth $500,000.
You can get a reverse mortgage of up to additional $175,000. There are no monthly payments on this amount. The bank allows you to withdraw these funds, tax-free and use them for whatever you choose.
Let’s assume you get this mortgage at a 5% interest rate. Every year the bank will add an additional $8750 to the balance owning.
No, the bank does not own the house.
Yes, you can get a reverse mortgage if you already have an existing mortgage, in-fact, many of our clients use the reverse mortgage to pay off the existing mortgage.
No, a reverse mortgage should not be considered as last resort. Many financial advisors recommend reverse mortgage before downsizing or selling your house.
Many of our clients use the Hotline Retiree Program to:
- Eliminating debt repayments
- Increase your monthly cash flow
- Help a child or grandchild
- Early inheritance
- Cover unexpected health care costs
- Make necessary home repairs and improvement
- Go on a dream vacation
- And more!
If you would like to learn more about how a Hotline Retiree Program can benefit you, please contact us and we’ll be happy to answer any questions you may have and provide you with more information so you can make the right choice.
About Hotline Mortgages
With access to a vast network of over 300 lending institutions – including mortgage investment corporations, private lenders, major banks, credit unions, trusts and other national and regional lenders, I have the tools to build a customized mortgage plan, with the features and options that meet your needs.