Table of Contents
- 1 Reverse Mortgage For Senior Citizens In Canada
Reverse Mortgage is a niche product specific for Canadian seniors designed to help them retire comfortably in their homes with less cash flow problems. Reverse mortgage for senior citizens is a financial solution that gives Canadian senior citizens an opportunity to have their best retirement.
What Would You Do If You Had More Money?
A Reverse Mortgage can be a solution for your cashflow problem
Despite your current financial situation, if you had more money would you?
- help family,
- purchase another property,
- age in place with in home support.
Reverse Mortgage For Senior Citizens In Canada
We often don’t allow ourselves to think about what we would do if we had more, more money to spend on ourselves. But not money like Oprah has just enough money to allow you to retire in the same lifestyle is what I mean, the same lifestyle you enjoyed while you were employed and enjoying the fruits of your labor. Most of us accept our lot in life and carry on with what we have and make do. But take a moment, and think what would you do…
- Buy a vacation property?
- Cover home care expenses?
- Enjoy less financial stress overall?
- Maybe all of this and maybe more!
Reverse Mortgage For Senior Citizens As Financial Solutions
You have worked hard your whole life building a nice home to raise your family, you built your career or business, paid your mortgage and taxes all in order to retire in the lifestyle you created. But there are factors that have come into play that maybe weren’t thought of or think would interfere with your retirement plan.
We didn’t foresee such a rise in living costs, medical costs, stagnant government pension income, and a Dollar that is worth less today than 20 years ago. These all continue to eat away at your monthly disposable income, we know this, and in some cases leaving you unable to make ends meet every month.
And on top of this, life expectancy has increased. Statistics show 80 years of age for men and 84 years of age for women. And the average Canada Pension Plan payout for March 2020 was just under $700. Many retirees don’t have a pension plan in place, often job changes interrupt your employee pension plan and companies just aren’t supporting their employees after they retire.
It is becoming very clear pensions are less reliable as a source of income for retirees. Even retirees picking up side jobs to supplement their pension income get taxed, so how much are they really taking home?
Let me introduce you to the solution, a reverse mortgage for senior citizens. Canadian Seniors are choosing the trending reverse mortgage as the go-to financing option as we have discussed the dilemma seniors are facing today, so it is no wonder reverse mortgages are increasing at a rate of 28% annually. The first reverse mortgage product was launched in 1986 and has been helping thousands of seniors with their retirement ever since.
What Does A Reverse Mortgage Provide A Senior Citizen With?
With many having diverse financial needs the reverse mortgage offers flexibility not only in product choice, but in flexibility of use, it’s your money and you can use it how you want. There are few financing options for seniors today, qualifying for a traditional mortgage is difficult with only pension income.
Reverse Mortgage Qualifications
Qualifying for a reverse mortgage is simple. You must be 55 years of age and you must own your home and it must be your principle residence. Imagine now living your retirement and enjoying your grandchildren, your community and your passions without having to worry about making ends meet every month.
Is A Reverse Mortgage A Good Idea For Seniors?
One of the good things about Reverse mortgage for senior citizens is that there is no monthly mortgage payment or interest payment. And the funds you take out are tax free and do not affect your current pension income. What would you do if you had more money?
- Some people travel the world, some people help family with education costs or buy a home of their own.
- Some seniors purchase a second home so the whole family can vacation together and make lasting memories.
- Paying out nagging debt that just won’t go away, that is another popular use of a reverse mortgage.
- Or maybe you are not having a cash flow issue.
- Maybe you would like to access a lump sum of cash, but you don’t want to take out any money from your investments because of tax implications and you don’t qualify for a regular mortgage.
Why Would An Older Adult Need A Reverse Mortgage?
You can definitely do this. You can also take out that money and invest it in something else and write off the interest from taking out the money. The possibilities are limitless. Whatever your needs are or dreams, you can achieve them with a reverse mortgage. So, ask your yourself… what would you do if you had more money?
If this sounds too good to be true, please join my webinar Reverse Mortgages Living Your Best Retirement where we discuss who qualifies for a reverse mortgage, the pros and cons, the process of applying for a reverse mortgage and more.
Be prepared to have your eyes opened to the possibility of living your best retirement. After all, isn’t time your home started paying you back?