Need Investment Option after Retirement in Canada, Try Reverse Mortgage

MOHALI, India - July 17, 2013 - PRLog -- Those who and are at the edge of the retirement, might look at the extra income for their livelihood. Canadian older generation does not have enough of retirement funds and need some extra income to survive gracefully.

The good news is that there are many investment options (http://www.thedollartimes.com/) available. A healthy option for investment is investing in property through a reverse mortgage.

What Is Reverse Mortgage?

Reverse mortgage is a type of equity release. Through reverse mortgage, the homeowners or the property buyers get loan allowing them to access the portion of the subject’s home equity. It is a loan against your home that you need not pay back until you sell off the mortgage invested property (http://www.thedollartimes.com/) or are no more. The homeowners can draw the mortgage principle by receiving a lump sum monthly amount over a specific period.

How Does It Work?

If you are a Canadian citizen over 55 years, you can get up to 50 percent of your home value by the reverse mortgage process. You do not have to pay any interest or pay back principal from the mortgage amount until you die or sell the home.

Steve Ranson, president and CEO of HomEquity Bank says that, “more and more people are taking advantage of reverse mortgage”. He said that their most of the clients are over 70, who retired a while ago and had very little money to invest. After retirement the seniors due to lack of planning, often find themselves in such situation. Thus, they need financial help and reverse mortgage is a healthy option for them.

Those who had purchased the house at $30,000-$40,000 are happy now, as the investments of properties have increased almost ten times over past decade. However, the homeowners do not want to move from the investment houses. It is through sale such of the property that they can realize good Returns on Investment (http://www.thedollartimes.com/).

The Benefits Of The Reverse Mortgage Are As Follows:

·         You do not have to pay loan until you are alive

·         Maintain full ownership of your home

·         You may rent the home for extra income

·         Tax free fund as long as you reside there

·         Assured by the government

With a reverse mortgage, you can choose the best way to obtain your funds. Reverse Mortgage Specialists at Retirement Life Funding can help in making you a customized plan suitable to your need.

·         A single lump sum cash payment

·         Monthly cash advance for a fixed period of time or any amount guaranteed until you live or do not sell the home

·         A fixed line of credit, in fact, the amount of money existing in the line of credit is so designed that it would change considerably over time. It is very favorable, ask your reverse mortgage specialist to show you how this works.

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