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(NC) – There was a time not too long ago when retirement meant easing into a simple and relaxing lifestyle. But today’s hip and healthy seniors are ditching the rocking chair for travel, volunteer work, exciting hobbies and even new careers. As such, many are realizing the financial benefits of reverse mortgages, allowing them to access the equity in their home to support a well-deserved change of scenery.
With a reverse mortgage, such as CHIP Home Income Plan from by HomEquity Bank, homeowners 55 years and older can receive up to 40 per cent of the value of their home and instantly improve cash flow. Today, interest rates on reverse mortgages are comparable to those of other home equity borrowing options. And unlike traditional loans where regular payments are made to someone else, reverse mortgages pay the borrower. Homeowners are not required to service the interest nor repay the principal for as long as they own and live in their home.
Now is the perfect time for Canadian’s savvy seniors to spring into action by putting their home equity to work. With so much left to accomplish, financial freedom is truly just a reverse mortgage away.