Home is where the heart is. It’s full of memories and for many, it is where they plan to spend their golden years.
But home ownership can also be expensive. With regular expenses like utilities and property taxes, many of us are concerned about falling short in retirement — and yet finding a solution that’s convenient and flexible can be a challenge.
One solution is to put your home to work for you. By accessing your home equity, your house can provide you with that little bit extra you need every month. Planned withdrawals of as little as $500 per month can go a long way to ease the stress and costs of home ownership, while allowing you to enjoy all the benefits. Your home can pay for itself by giving you the cash you need to pay property taxes, home insurance and utility bills or simply allow you to maintain it.
A reverse mortgage is one way to unlock home equity and make your home work for you. You can receive up to 50% of the value of your home in a lump sum and in planned withdrawals. Best of all, you don’t have to make any payments — interest or principal – for as long as you, or your spouse, live in your home.
Making your house work for you might not only make financial sense but it can also be an easy and a flexible way to ensure that you can continue to enjoy it for years to come.
More information on reverse mortgages is available at www.chip.ca
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