Stay For Life

The Canadian government has just doubled the Home accessibility tax credit. Contact us at Stay For Life for more information regarding home improvement for accessibility purposes.

Thousands of Canadians are using a reverse mortgage as a financial solution to help them bridge their retirement savings, but did you know just how versatile a reverse mortgage is? Among the many reasons for reverse mortgage funds.

Health Care related – Many clients use reverse mortgage funds for some health care expenses, whether for personal support work or to simply pay off debt related to those expenses.

Renovations/Retrofitting – Renovations or home retrofitting are common reasons for clients to apply for a reverse mortgage. Roughly a third of our clients need home renovations/home retrofitting due to wear and tear, leading to their standard of living being compromised or simply because of aging and mobility.

Income Supplement – Did you know that the average annual expenses for Canadians 65+ is $60,000 yet their average income is only $40,000? A quarter of our clients use reverse mortgage funds to supplement their income.

Unplanned Expenses – Sometimes planned retirement savings do not account for emergencies and that’s where a reverse mortgage can help. Here are the biggest unexpected costs for retirement:
30% unexpected emergency costs
30% needed to help family
24% needed to help finance health issues
A reverse mortgage continues to be a great financial solution to help your 55+ clients with their financial needs. Contact me to find out how a reverse mortgage can help your clients with their unique financial situation.

https://calgarysun.com/life/homes/majority-of-baby-boomers-are-staying-put-in-their-homes

Majority of baby boomers are staying put in their homes Not long after I slid into the chair of the editor of the Calgary Sun new homes magazine, I was invited to attend a city planners’ convention in Canmore as a panelist to discuss growth and fu…