Retirement without selling your home. How to thrive in this new era of rapid home appreciation and increase your monthly cashflow in retirement.
BC homeowners have seen an unprecedented increase in home values. This is true for those in retirement as well. Previous generations sold their largest asset - typically their home and used that as retirement income. Today's retirees are wanting to remain in their homes, but also have the luxury of increased cashflow. A reverse mortgage maybe the vehicle to accomplish both lifestyle and finance a great retirement.
There are many advantages of taking out a reverse mortgage:
- No regular mortgage payments
- Don't need to prove income to qualify
- Tax-free and does not affect your Old-Age Security or Guaranteed Income Supplement
- You choose what you want to spend the money on, extra cashflow, a second home, money for grandchildren etc.
- Maintain ownership of your property
- Don’t have to pay back the loan or interest costs until you sell the home or pass away
Qualification is easy and does not require proof of income.
The Canadian government makes it easy for senior homeowners to qualify for reverse mortgages. The five things lenders typically look at are:
- Age
- Equity you have in your home
- Appraisal
- Location
If you or a family member want to discuss the benefits of a reverse mortgage contact me today. I will walk you thru the details and see if it is right for you!