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13 Feb

What Are Your Parents Plans? Maybe a Reverse Mortgage?

General

Posted by: Trish Pigott

Have you ever wondered what the plan is for your parents? Or you even once you retire and maybe have a fixed income? So many families don’t realize the options they have to keep aging parents in their homes. If you are wondering how to do this and still afford in home care, contact us. There are products like Reverse Mortgages that still seem to have a negative opinion from many on this type of mortgage. They are not like they used to be. Rates are excellent, there is no qualification issues like many pensioners have in today’s mortgage market. It’s as simple as an appraisal and then a final appointment with a lawyer to get it set up. You can pay out a current mortgage so that they no longer have monthly payments. They can take a certain amount of money each month to allow them to travel and live their best life. Or they can take a certain amount of money each month to pay for home care and have someone come and help around the house. Or… you can take large lump sums of money at certain times when needed. There are so many options! Minimum age is 55 and the bank will lend up to 55% of the property value so if you are curious what you or your parents qualify for, call us, we can do a simple calculation right over the phone to give you an idea. This is a growing product and remember what ever bank you speak to about this, they will all end up at the same lender. We will give you that unbiased advice that you will need to make the best decision. You can reach us at support@primexmortgages.com or 604-552-6190. Cheers to a stress free retirement!