RESIDENTIAL MORTGAGES & FINANCING
With our aging society, there has been a lot of discussion on “aging in place” for seniors – I see more and more seniors who want to remain in their own homes, and have worked for decades to pay off their mortgage but have problems making ends meet on pension incomes.
Reverse mortgages help you stay in your home and maintain ownership of your home but provide you with either a monthly income to help with your cash flow or a lump sum of capital to help finance an investment, a new car, or a vacation. You make no payments while you remain in your home.
The cash received from a reverse mortgage is tax-free, while taking money from your RRSP or RRIF is fully taxable – why not take advantage of your tax-free home equity and let your investments grow?
Downsizing? You’ve sold the family home, paid off your large mortgage, and now need to find a smaller townhouse or condominium. But you can’t seem to find one that suits your needs within your price range. A reverse mortgage can assist you in the purchase of your new home while maintaining the flexibility of not having to make payments.