Are You House Rich?
Many people have heard of the term house poor, but what about house rich? If you’re are among the many people 55 and over who have paid off a good portion of their mortgage and have benefitted from the sky-rocketing real-estate market, this could be you.
Sure, if you sold your house you could have the money to fund your retirement, but what if you want to stay put? What if you didn’t want to downsize and move away from the neighbourhood you have grown to love? In a recent survey, HomeEquity and market research firm, Ipsos, interviewed over a thousand Canadians and 93% of those aged 65-plus reported they want to spend their golden years in their current home.
Whether you are hoping to maintain your independence, stay close to family and friends, or simply don’t want to downsize, a reverse mortgage allows you to have your cake and eat it too. A reverse mortgage is a loan specifically for people age 55 and up who have some equity in their home, want to turn it into cash, but don’t want to give up ownership of their home. Essentially, these mortgages allow you to live off the proceeds of your home, as you would if you downsized, without ever having to move.
No longer a loan of last resort for retirees, reverse mortgages are a smart, safe way for you to access up to 55% of your home’s equity. Best of all, you are not required to make monthly payments, and the loan is tax-free, so it doesn’t affect your old-age benefits. The loan and interest are simply paid back after the house is sold or you decide to move out — whether that is months or decades later.
Another added advantage is that you are never forced to take your finger off the thriving real-estate pulse. Over time your house will likely continue to grow in value and you will be the beneficiary. This means when it comes to sell your home, you will still have invested interest. In fact, 99% of HomeEquity clients have equity remaining when they sell their house — on average, over 50%.
In the meantime you can enjoy the quality of life you deserve, reaping the rewards of all your hard work. Pay off existing debt, make those renovations you have been putting off, migrate south for the winter. HomeEquity can help you have the freedom to live your retirement, your way.
HomeEquity Bank is a federally regulated, schedule 1 Canadian bank. Unlike other banks, it’s one-hundred-percent focused on and committed to serving homeowners 55-plus, Call toll-free 1-866-421-2447 for your free estimate and to find out how much money you can get today!
Janie Dodds, AMP Mortgage Specialist at HomeEquity Bank Call now for your free retirement planning assessment and find out how much money you could get from a CHIP Reverse Mortgage today! Call toll-free 1-866-879-CHIP (2447).