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Canadian Seniors Take Advantage of Low Cost Home Equity Borrowing Solution
(NC) – Financial experts have long advocated that Canadians start saving early so they can enjoy their retirement in style. But even if your nest egg isn’t as large as you would like it to be, there are still many options to build it up and bask in your golden years.
A reverse mortgage is a home equity borrowing solution that lets seniors at any age and stage of retirement turn their residence into a source of tax-free cash to enhance their retirement. For those in their early stage of retirement (60 to 75 years old), a reverse mortgage provides extra income to travel more often, buy a holiday property, invest in a new hobby or a small business, or assist children or grandchildren with educational expenses or major purchases. For those in later stages of retirement, a reverse mortgage is ideal for estate planning, hiring in-home help, paying medical expenses, or renovating the home for easier accessibility. Over the past few months, reverse mortgage rates have come down significantly to give borrowers more flexibility in how their home equity can be used to enhance their lifestyles.
A CHIP Home Income Plan from HomEquity Bank is a stable and dependable financial solution for any senior regardless of income, credit history or medical status. With a CHIP reverse mortgage, homeowners get up to 40% of the value of your home to use at their own discretion. And there are no payments required until the home is sold or both homeowners move out. If the owners choose to make payments to lower their cost of borrowing, they can stop for any reason and their credit rating and access to cash will not be affected