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Mortgage-Matters

The future of retirement

Since 2005, HSBC has conducted a survey about retirement. This report gives us a clearer view of what might lie ahead as you move toward retirement. 

Both those still on the job and those who have left the workforce were asked about their concerns and how they might have prepared differently for retirement.

Here are some of the key findings for Canada ~

Current Retirees - 

23% saw their standard of living deteriorate after retiring.
31% feel they did not adequately prepare for retirement

Pre-Retirees – 

61% worry about having enough money to live day-to-day.
68% worry they will run out of money.

Working-Age –

81% had a major life event hamper their ability to save.
37% are not saving for retirement.

If you feel that you have any of the above concerns and you are a homeowner, a CHIP reverse mortgage could allow you to covert, with qualification, a percentage of the value of your home into cash without having to move or sell.

There are many benefits of CHIP. It can relieve your financial stress, as there are no payments required as long as you live in the home. It is easy to qualify, with no income verification or credit score required. You can maintain ownership of your home and the money accessed with CHIP is tax-free.

If you are a homeowner over the age of 55 and are in need of money to pay debt or expenses, this could be your solution.

Funds can also be used to purchase a home or to help seniors who want to remain in their homes. The funds could pay for in-home care or medical expenses and are available in either a lump-sum or instalment payments. Other uses could include paying off debt, renovations or home improvements, travel, or to assist children or grandchildren.

There are many myths about reverse mortgages. The bank does not own your home nor can they force you to sell. The rates are very reasonable and this is not a solution of last resort. You can qualify even if you already have a mortgage on your property, as the CHIP reverse mortgage could be used to pay off that mortgage.

If you are interested in more information about a CHIP reverse mortgage, or have a senior in your life who may be worried that they will be forced out of their home due to financial stress, please give me a call at 250.826.3543 to review possible options, or email [email protected] I am a Certified Reverse Mortgage Specialist and would be happy to assist.



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About the Author

April Dunn is the owner and a Mortgage Broker with The Red Door Mortgage Group – Mortgage Architects. She has been assisting clients to purchase, refinance or renew their mortgages for over 20 years.

April has experience as a Credit Union manager, a Residential Mortgage Manager with a large financial institution and as a licensed Mortgage Broker. By specializing in Strategic Mortgage Planning she has the tools available to build a customized mortgage plan, with the features and options that meet your needs.

April provides a full range of residential and commercial mortgage financing options for clients all over the province of British Columbia and across Canada through the Mortgage Architects network.

Contact e-mail address: [email protected] or by phone at: 888-561-2679.

Website:  www.reddoormortgage.com



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The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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