How to Renovate your Kitchen or Bathroom on a Budget?
There comes a point in time where your once beautiful looking kitchen or bathroom are looking outdated and old. It may seem like it was yesterday when you enjoyed cutting up vegetables on that shiny new countertop, or bake in that new powerful oven. Now, you look at it, and you wonder what happened to it.
Don’t worry you are not the only one. We have all gone through that process at some point in our life. Now it is time to update. A new kitchen in this market can run you anyway from $9000 to $50.000 on the high end. It seems like a lot of money, and it is.
So how do we find the money to continue to enjoy our home without putting a dent in our day to day?
Hotline Mortgages has a program for anyone 55 years or more, that allows you to use the current equity of your house in order to renovate your kitchen or bathroom without adding any monthly payments to you.
It is a program that many people have taken advantage of and it allows you to renovate worry free. Many of our clients have used these resources to make their bathrooms and houses more accessible. Below are the details:
“If you are a Canadian over the age of 55, a Reverse Mortgage could be just what you need. It’s the simple and sensible way to unlock the value in your home and turn it into cash to help you enjoy life on your terms.
You receive the money tax-free. It is not added to your taxable income so it doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive.
You can access up to 55% of the value of your home. If your home is worth 500.000 and you have 100.000 left on your mortgage you can get access up to $175.000 of tax free money from your home.
You can use the money any way you wish. Maybe you want to enjoy your retirement or cover unexpected expenses. Perhaps you want to update your home or help your family without depleting your current savings. The only condition is that any outstanding loans (e.g. existing mortgage or home equity line of credit) secured by your home must be paid out with the proceeds from your CHIP Reverse Mortgage.
No regular mortgage payments are required while you or your spouse live in your home. The full amount only becomes due when you and your spouse no longer live in the home
You maintain ownership and control of your home. You will never be asked to move or sell to repay your CHIP Reverse Mortgage. All that’s required is that you maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.
You keep all the equity remaining in your home. In many years of experience, 99 out of 100 homeowners have money left over when their CHIP Reverse Mortgage is repaid. In most cases clients have lots of equity left over when they decide to see their home”
For frequently asked questions please refer to our FAQ Section on reverse mortgage.
To see if this product makes sense for you, please call us at hotline mortgages and we will be happy to answer any questions or give you advice.
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.