Most homeowner aged 55 or older live on a fixed income! If you are young enough you are still working – most work for others and wages never seem to rise that quickly. For those retired though truly live on a fixed income. If you don’t live on a fixed income then you are one of the very lucky ones! Living on a fixed income is one common situation that most seniors face. And this important fact makes a Canada reverse mortgage very attractive. Sometimes in life you need cash to pay for those unexpected financial needs that occur. I mean, is it not true that if you live long enough you suffer or you know someone in your family that suffers from some financial crisis? Eventually most people have a financial need … and a Canada reverse mortgage can assist you.
Perhaps your health is worse now than before. For example, let us assume that you now need or expect in the near future that you will need home care or in-home help. Or maybe you need to pay for some unexpected medical expense? How are you going to pay for it? With a Canada reverse mortgage you now have the cash to pay for those medical expenses. There is no monthly repayment necessary. You can pay that bill and just keep on living on your fixed income because you chose to obtain a Canada reverse mortgage.
HOW WE HELP YOU – 2 testimonials:
SWAP A HIGH PAYMENT TO LOW PAYMENT (OR NO PAYMENT) MORTGAGE AND IMPROVE CASHFLOW FOR EASIER LIVING (testimonial):
“A single, hard working woman who was 61 1/2 years old with a home in a big city worth around $660,000 contacted us. She had a $60,000 mortgage with an aggressive contracted amortization imposed by her own Bank (meaning – very high monthly payments – to make it paid off by age 65), a small car loan and some small balances on credit cards. She was a nurse and was set to retire at 65 with a full pension, OAS & CPP, with a plan to have no mortgage and she planned to rent out the basement of her home after her son moved out. Currently there was no suite there. Her plan was going well, until she was diagnosed with MS. It moved very quickly and she had to go on permanent disability. Because her benefits were taxable, she was down to less than half of her previous income and couldn’t make the full mortgage payments. She went to her bank asking to have the mortgage turned into an interest only LOC or extend the amortization, but because of the lack of income, they could not qualify her. To help you out she was given a reverse mortgage for $110,000 to pay out the mortgage, car loan and credit cards, plus give her about $30,000 to build her basement suite and bridge the few years she had until her full retirement benefits started rolling in. He only other option would have been selling the home. The home is now worth over $1 million. Using income from the suite, she kept up – just making her interest payments each year – so her debt is still $110,000. So her house has risen in value and the reverse mortgage balance is the same. With a reverse mortgage you don’t have to make payments ever – but you can always pay towards the annual interest cost. A very valuable financial tool.”
A SENIOR CAN GET ILL ANYTIME THAT CAN CAUSE A HARDSHIP FOR BOTH THE SENIOR AND HER CHILDREN (testimonial):
“Sometimes we are asked as brokers to create income from reverse mortgage proceeds. One way is with an Income Advantage produce (that creates a better cash-flow solution). We greatly benefited not only a beautiful lady in her late 70’s with moderately advanced Alzheimer’s but also helped her lift a burden off of her children. Her short-term memory was about 30 minutes; long-term memory was perfect. She was still living in the home she had raised her daughters in. Doctors encouraged the family to keep her in the home versus moving to a care facility and totally disrupting her life. Her two daughters had taken long-term leaves of absence from work to care for mom because there were no investments left, and this was beginning to take a toll on their lives. Their credit union couldn’t qualify the mother for any mortgage or line of credit because of limited income (OAS & CPP only) but suggested the daughters (joint Power of attorney) ask about reverse mortgages. We can arrange for a ‘income advantage’ program that creates an income. We did. The children are receiving $ 6500 per month to pay for full-time in-home care; the home was appraised high enough that, even with a very low loan-to-value, this cash-flow will last 10 years before reaching the authorized limit (40% of the home value).” And in 10 years time, Gregory Stanley will request a new appraisal to see how much real estate values have risen (as they usually do over a 10 year period) and have the loan ‘reset’ to the higher home value; this may allow for more funds available to adjust for future planning needs. Once you use mortgage broker Gregory Stanley he will always be there to help you.
Do you find that your fixed income is less than you can live on? Are you unable to go visit the grandkids because of the cost? The price of gas keeps going up and you think ‘oh my God’ I can’t afford going as often? Well, we will solve that problem. It will give you the extra cash to take the pressure off managing your day-to-day expenses.
But sometimes solutions are in just paying off other loans that have higher interest charges or demand a quicker pay back schedule. With a Canada reverse mortgage you can pay off all your other loans, debts, and credit cards altogether! You can increase your monthly cashflow by removing all of your loan payments on any other debt you have! And remember with a Canada reverse mortgage you don’t have to make any monthly repayments. How nice and better would your situation improve if you didn’t have make anymore payments on your credit card payments, or car loan, anymore? Would it make the difference of taking that holiday? And being able to see a loved one with the extra money you now have to live on each month? If the answer is ‘yes’ then you could use a Canada reverse mortgage.
Or you can simply pay off any existing Canada mortgage that they may have. Why? So they don’t have to worry about making mortgage payments each month. That is the beautiful feature of a Canada reverse mortgage. It helps improve your cash flow. You will have more money each month to live on.
Need a renovation? But nervous about ‘more payments’ to handle more debt? Well, we understand that, for sure. But sometimes you can’t put off getting that new roof repaired or replaced. A new kitchen is fun to cook in for family gatherings. Or a easier bathtub to get in and out of and making your access more friendly. Perhaps you need money to build a rental suite so you can earn more monthly income? Wow – that is a great idea. We can give you the cash to do this! And again, with a Canada reverse mortgage you don’t have to make monthly repayments to repay the loan. Your fixed income is preserved! You can even make additional income with the suite that you build by using the cash to build your suite from your Canada reverse mortgage. You can even better your current investment program with us, by changing it so you can receive a fixed predictable monthly income.
Sometimes you may feel like helping with the education needs and expenses of a loved one? Post secondary, or trade school for a child or grandchild. Where is the money going to come from? You could borrow it with a home equity loan from a bank? I mean, we are in the mortgage business so you would think a mortgage consultant would tell you to do this. But Gregory Stanley will check to see if that would make sense or not. He will see if it is first in your best interest to make that decision or not. You see, with a Canada home equity loan or a Canada mortgage you have monthly loan payments to make.
Making mortgage payments is not fun when you live on a fixed income! But with a Canada reverse mortgage you get the cash you need to make a gift to a child or grandchild and you have NO monthly repayments to make. Your fixed income is not affected. And that cash flow saving is important to in managing your day to day lifestyle. You could free up enough funds to be able to pick up that hobby you always wanted to do.
Need to buy a new car? Don’t want an expensive car payment in your life? Then you should consider using a Canada reverse mortgage. No payments! You get a new car … you get to continue living in your house … and no repayments. It is that simple to enjoy.
Maybe you need cash to make an investment or buy another property. We can give you the cash to do this. Again, no monthly repayments are necessary. It could mean the difference of buying a condo ‘near the kids’ or have a vacation property that everyone in the family can meet and enjoy together.
Before you make a decision please speak to Gregory Stanley 1-866-658-0492 for friendly and expert advice. He will help you make a decision that is in your best interest.