EMPOWERING YOUR FUTURE
A Golden Investment for Your Golden Years
IF YOU’RE LIKE MANY OTHER middle-aged and older Canadians, you may have wondered whether you have enough money saved or invested for your golden years. According to a survey commissioned by the Ontario Securities Commission, more than 40 percent of working Canadians over 50 are worried they’ll run out of funds after they’re retired. Some men and women are postponing retirement, reports Statistics Canada, because they’re concerned they’re not financially prepared for it.
The good news is that you may be more prepared than you realize. If you partially or completely own your home, then you have already made a valuable investment that’s literally right under your nose! Over the years, as you’ve been building equity in your home, you’ve also been empowering your future.
A reverse mortgage is a loan that allows Canadian homeowners 55-plus to use the equity in their home without giving up ownership. For many people, a reverse mortgage provides them with the freedom to enjoy the retirement lifestyle they’ve always dreamed of. The loan can be used for whatever you wish, whether it’s to renovate your home to make it easier to stay in, pay off higher-interest debt or migrate south every winter. For some, it’s a way to finally jumpstart the retirement that keeps getting put off.
Reverse mortgages are increasingly a viable and attractive first choice for many Canadians
You aren’t required to pay income tax on the funds you receive from a reverse mortgage, and there is no impact on your old-age benefits. There are also no mandatory monthly mortgage payments. And as long as you keep your home in good condition and pay for house insurance and your property taxes, you’re never at risk of losing ownership of the home that has meant so much to you. You can live there as long as you like – which, as we know, is what many 55-plus homeowners hope to do!
In fact, more Canadians than ever are considering reverse mortgages as an integral part of their retirement plans. HomEquity Bank, which has been reliably providing the CHIP Reverse Mortgage to Canadians for over 30 years, has observed this trend firsthand. The bank reported record 32.5 per cent year-over-year growth in 2017. It also fielded twice the customer inquiries compared to the year before. These are indicators that reverse mortgages, far from being a last resort, are increasingly a viable and attractive first choice for many Canadians.
HomEquity 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, no matter what Canadian province they live in. You’ve worked hard to own your home. Find out how you can use this investment in your retirement financial planning.