Home n Work Mortgages
5094 Lochside V8Y 2E9 Victoria, BC, Canada

The simple truth about reverse mortgages. I see comments and advertisements on FB about CHIP reverse mortgages. Clearly people don't understand them although their use has been going on and growing for more than 30 years here in Canada. There is no income or credit worthiness to worry about - that is part of their appeal. As both a licensed mortgage broker and certified financial planner I will tell you if one would make sense or not for you. When IT DOES: If you can't affo...rd to keep your house then you have only a couple of choices. One of them would be to choose to rent rather than own. If you sell your home to rent then you have lost future home equity forever (huge mistake). All you have guaranteed in your future is rent that increases over time. You will also start spending and chipping away at your savings just to live. Ask any renter what they used to pay for rent just 5 years ago. They will say 'less'. 10 years ago? Answer: 'much less!' And what will rent cost 10 years from now - a lot more. Sadly, most people will be using whatever savings they have to just do that - until that runs out. Then what? (rhetorical) Simply saying, renting now or while during retirement is not fun if you are using up limited savings to subsidize living costs. Eventually the savings run out. So the better choice is to own. If you find it hard to make mortgage payments then you can borrow from Homequity Bank. You have two choices (1) make no payments but you still get the advantage of growing home equity overtime in YOUR home or (2) pay most or all of your interest costs each year; then you will have even 'more' equity growth each year. Sound good? There is no bear hiding behind every rock and tree here people. No one wants your house - the lender makes their money like all banks do; off the interest charged. It is simple math and logic. (C) Stanley 2017 all rights reserved For Unbiased Advice Read (click) Http://Www.canadareversemortgage.com If IT makes sense, for your own unique situation, to get one you'll be told that! If it doesn't make sense you'll be told that as well! A free review is available to people 55 or older; find out the truth from a person licensed to give advice, that knows the market and is 'insured' for any MORTGAGE advice given to you. Talk to a mortgage broker!

Here is a helpful mortgage calculator: http://www.homenwork.com/canada-mortgage-news.html

What is SmartEquity? Find out here: http://www.homenwork.com/smart-equity-intro.html

Get your FREE copy of the Lemming Effect: http://www.thelemmingeffect.ca/