Hey, I Don't Want to Move - Better Options for Aging in Place
Life's a Bit More Expensive Than Retirees Expected!
For Canadians with significant home equity, reverse mortgages offer something traditional financing cannot: access to capital with payment flexibility and no monthly obligations.
Many homeowners in the Lower Mainland find themselves house-rich and cashflow constrained. Often their wealth is tied up in investments, real estate or business equity. Those with a mortgage payment may experience a cashflow squeeze that limits lifestyle choices and investment opportunities.
With a reverse mortgage, those monthly payments disappear!
Nothing feels worse than selling because of a cash crunch. Stay as long as you like, on your terms. Sell when you want.
Your mortgage balance does grow as interest accumulates, but in Vancouver your home often appreciates at a faster rate. Meanwhile you’ve freed up your cashflow for investments, travel, family support, help your kids buy their first home, or simply peace of mind.
You are free of monthly payment stress and gain flexibility in how you manage your other assets. Pay down the interest when you want, and keep your options open.
If you are over 55 and want to explore this alternative, I would be glad to highlight the pros and cons, to make sure it's the right move - the one that allows you to stay put and love your home and lifestyle.
