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PostPosted: Mon May 30, 2016 2:10 pm 
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Joined: Wed Jul 21, 2010 6:14 am
Posts: 62
Location: Milton, Canada
A study by CBC found that 91% of Canadian Boomers do not want to sell their home. As home values continue to rise, many seniors are tapping into the equity in their home to supplement income. Low income seniors that do not qualify for a traditional mortgage or secured line of credit often are placed into private loans with higher interest rates, high closing costs and annual renewal fees.

A reverse mortgage could be a more cost effective alternative to a Home Equity Line of Credit or a Private Loan.
If you know of a senior that is in the low income category and has equity in their home, we have a home equity income solution that is set up like a Home Line of Credit but with 3 major differences:

1) regular monthly payments can be made into their bank account. For example: $240,000 facility will pay $1000/month for the next 20 years.

2) There are no monthly payments required – it is only due and payable when the homeowner sells their home or the client(s) pass away.

3) Unlike a normal line of credit, the income solution is not a “callable loan”. What this means, if there is ever a major drop in housing prices, The Bank can never ask the homeowner to start making payments or to repay a portion of their loan.

Happy to answer any questions.

Warwick Johnston
Milton Mortgage Specialist at RBC

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