HawthorneVillager.com

Hawthorne Village (Milton) Discussion Board
It is currently Wed Jun 19, 2019 2:38 am

All times are UTC - 5 hours




Post new topic Reply to topic  [ 1 post ] 
Author Message
PostPosted: Mon May 30, 2016 2:10 pm 
Offline
User avatar

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
647-274-6029


Top
 Profile  
Reply with quote  
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours


Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB® Forum Software © phpBB Group
[ Time : 0.124s | 11 Queries | GZIP : Off ]