May 20, 2021
Yes that is the question as our Boomers retire and get older. It is the ongoing debate in families as middle age children weigh in on the subject, sometimes without understanding a dilemma faced by their parents. One such dilemma is where the home owners have all their money tied up in their home, desperately want to stay in their home, but feel that they cannot afford to stay and still enjoy their retirement to the full. Reasons can be anything from familiarity & neighbourhood, thru being keen gardeners, hobbyists, collectors or garage tinkerers. After family discussions, the owners are persuaded to call their realtor to set a sale in motion. This is where we come in and, on discovering how devastating it is for these people to consider leaving their home, we ask: “Are you aware of reverse mortgages?” This is where our professional mortgage broker enters the scene and waves her magic wand. The following explanation from expert broker, Daniela Serena, clearly outlines how reluctant sellers can enjoy the best of both worlds – enjoying a rich retirement while staying in their family home.
Wouldn’t it be nice if you had the money to do more of the things you want to do? A CHIP 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. Perhaps now is the time to explore your options as there tends to a big a misconception on what a Reverse Mortgage is.
A reverse mortgage isdesigned exclusively for homeowners aged 55 and older. You can tap intoup to55% of the value of your home.You receive the money tax-free. It is not added to your taxable income so it doesn’t affect any benefits you may receive.You can use the money any way you wish!
Maybe you want to enjoy your retirement or cover unexpected expenses, pay off some debt that isn’t going anywhere? You may have a mortgage or line of credit currently on your home and finding it difficult to make the payments, this can be paid out with a reverse mortgage as well, allowing extra cash flow for peace of mind and no stress. Or maybe you want to buy a home but do not have the full amount to cover the cost or want to keep extra cash in the bank? Perhaps you want to update your home or help your family without depleting your current savings or investments. Have you recently been thinking of selling your home to have access to funds?This is the perfect time to explore the CHIP option, so you can remain in the comfort of your home and familiar community.
The beauty is thatno regular mortgage payments are required while you own your home and most importantly, you maintain the ownership, title and control of your home.You had a mortgage most likely when you bought the home, so this is the same thing – except simpler!You will never be asked to move or sell to repay your CHIP Reverse Mortgage andyou keep all the equity remaining in your home. The fees are minimal and basic (legal fees, appraisal, title insurance, etc.) and can be paid with the advanced funds.
There are flexible ways to set up the CHIP Mortgage: you can choose how you receive the money to make it perfect for your situation – maybe you just want a top off each month to supplement your pension and help with expenses or to live the lifestyle you want or you may want it all in one lump sum. So let’s have a no obligation chat to see if this is the right step for you. Iam passionate about this product and look forward to speaking to you on how you can benefit from it.
Daniela Serena, Your Trusted Mortgage Expert & Reverse Mortgage Specialist
604.889.6750
There are of course many other aspects of downsizing, better known than the above. Next week we’ll explore the timing, logistics, strategy, how we can help with resources and a clear plan, plus answer that age old question – when is it too soon to begin the process?
In the meantime if you have personal questions you would like us to answer, we can fast forward any of the above categories of information and tailor our answers to your situations and quandaries. There are no silly questions and, of course, no silly answers! Let us keep you covered even in the most exceptional climate.
Generations Real Estate Partners:- Michelle Hawthorne, Scott Johnson, Ray Harris, Shane Goutsis and Sheila Francis.
