Many Canadians are outliving their retirement savings. Why? Because thankfully, we’re living longer, and our financial plans couldn’t have predicted that. if you can relate to any of the 5 signs below, it may be time to talk about a solution to your problem.
1. You’re running up your credit cards, personal loans or draining your retirement savings.
A Reverse Mortgage consolidates debts by paying off smaller loans with a larger loan at a lower interest rate. The rates on a Reverse Mortgage are much lower than those on credit cards and are comparable to those on a home equity lines of credit. By consolidating existing debt with a Reverse Mortgage, you will no longer have to remember to make multiple monthly payments; instead you will have one loan with no required monthly payments!
2. You would like to help out your children or grandchildren financially.
You may have talked about helping out with money for a down payment on their first home, tuition or even providing an early inheritance. A Reverse Mortgage can enable you to witness the joy of your gift in use.
3. You’re struggling financially to help your elderly parents.
If the elderly parents take out a Reverse Mortgage on their home, they can enjoy financial independence instead of relying on their children. Funds could be used for home modifications, in-home care, monthly bills or debts, property taxes or anything else.
4. You’re missing payments or were declined for a credit product.
Are you applying for credit products with the bank but being declined? Unlike most lending products, qualifying for a Reverse Mortgage is purposely designed for those who have limited or no monthly income. A Reverse Mortgage can offer you a financial solution with an easier qualification process that ensures the protection of your equity. The Reverse Mortgage also has a negative equity guarantee, which ensures that you will never owe more than the fair market value of your home at the time it is sold. In fact, over 99% of clients have money left over, after the sale of their home.
5. You talk about purchasing a second home or cottage for you and your family, but never can.
You likely can’t afford this kind of property on your retirement income. With the funds from a Reverse Mortgage on your current home, all that can change. There are no regular mortgage payments and the reverse mortgage is repaid when you decide to sell and move out.
Do any of these scenarios sound familiar? If yes, it’s time to talk about a solution. I am a Certified Reverse Mortgage Specialist with over 30 years’ experience in the mortgage business. I would be happy to talk to you anytime about how we can help.
Give me a call at: 604-949-2090
Or email at: patrick@spsealmortgage.com
Or visit my website at: www.seniorsmortgagecanada.com
