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Jaime and Darlene have helped
many satisfied clients achieve their
retirement goals. Here are a few of the
clients they've recently helped:
| Mary S. – Improved Monthly
Income to combat rising property
taxes. |
| Mary was very concerned about
rising property taxes for homes in
her neighbourhood.
At age 78, Mary’s
monthly income was appx.
$2400/month. Living on a fixed
income was comfortable until her
home was assessed at $550,000,
raising her property taxes by
$150/month. The rising costs of
heating and taxes made it difficult
to afford her yearly trip to the
U.K. to visit her daughter and
grandchildren.
Solution: Mary took a $100,000 CHIP
reverse mortgage. She invested the
proceeds to generate an extra
$500/month income. Because she
invested the proceeds, the interest
on her reverse mortgage became a tax
deduction, making her new income
non-taxable. Mary is delighted she
can continue to stay in her home and
still travel to visit her
grandchildren. |
| Frank & Beth – paid off
their existing line of credit |
| Frank & Beth, living in
Oakville, Ontario, took out a CHIP
reverse mortgage to pay off their
existing line of credit.
“It wasn’t because we could no
longer afford to make the monthly
payments - we wanted to use the
money to do other things we enjoy
while we’re healthy, like travel”.
Frank & Beth’s home was appraised
at $350,000, which qualified them
for a $100,000 reverse mortgage.
They paid off their existing line of
credit ($60,000) eliminating their
$300 monthly payments. Frank & Beth
chose not to take the full amount,
but enjoy the peace of mind of being
able to transfer all (or part) of
the remaining $40,000 they qualify
for, into their bank account at any
time. |
| William & Sandra – bought
a cottage with their kids |
| William & Sandra, living in
Toronto, Ontario, took out a CHIP
reverse mortgage to buy a family
cottage with their children. They
now spend their summers enjoying
time well spent with their children
& grandchildren.
“When the kids approached us to
go in with them and purchase a
cottage, we initially balked at the
cost – there was no way we wanted to
dip into our retirement savings. The
idea of moving equity from our
primary home, into a cottage through
a reverse mortgage appealed to us.
We couldn’t be happier with our
decision”.
William & Sandra’s home was
appraised at $850,000, which
qualified them for a $280,000
reverse mortgage. The family
purchased a cottage, together, for
appx. $700,000. Not having to cash
in their RRSP’s was important to
William & Sandra. The fact that
their home in Toronto & their
cottage is appreciating in value,
eliminated the worry of leaving a
huge inheritance for their children.
“Our inheritance is the cottage –
something the kids, and their kids
will enjoy and hopefully pass on for
generations to come. Getting to see
our kids enjoy their inheritance
now, rather than later, is truly
amazing.”
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