Roy Prince, of Real Mortgage Associates Inc. brings 40+ years of wealth management options! Roy has captured a market where he is able to assist those that have a more difficult time obtaining a mortgage or refinancing through their financial institution. He has a stong connection with both real estate brokers and private lending opportunities.
Roy is very astute when it comes to debt load and the best avenues for managing that. There is also the possibility that he could save you some money on mortgage payments!
The Reverse Mortgage Industry
However, Roy has a huge passion for the Reverse Mortgage industry. Even though they’ve been available here for a while, many people are still unaware of their benefits. Reverse mortgages have been available for decades in the U.K., where Roy hails from, so he’s extremely knowledgeable!
Roy is acutely aware that Seniors are struggling! As many pensions are not strong enough to cover life’s expenditures with seniors working far beyond the normal age of retirement. If you are, or know someone 55+, that owns a home, you might suggest a discussion with Roy.
Roy has given us a detailed overview of 2 Reverse Mortgage products that can ease day to day financial burdens….
CHIP MORTGAGE (Canadian Home Income Plan) TAX FREE
This is a financial solution that can give Canadians 55+ a monthly or quarterly income, clear away a current mortgage and erase credit card debt; based upon your age and the equity in your home, up to a maximum of 55%.
A very important part of this is to understand is that you’ll have no further mortgage or credit card payments to make!
You still own your home and have a written guarantee that you will never owe more money to the bank than the market value of your home. This is important as it protects children or heirs from any liabilities.
The monies are free to be used as you please, but it certainly can help alleviate financial stressors so common today.
If there is no mortgage on your home, yet you would still like to ease your financial burdens you can use the reverse mortgage as a line of credit. You can arrange a lump sum payment, or payments structured to your financial needs
The second product is very appealing, as it becomes a very affordable way to update your home.
Many seniors that are getting ready to downsize suddenly realize that their home should be updated to maximize the best asking price. Using CHIP–Open, also known as the ‘Reno Mortgage’, you may again take out up to a maximum of 55% depending on age and value of your home to renovate and ready your home for selling. For example, New Kitchen, Bathroom, hardwood floors, paint throughout. You are given a 3-year window to complete any renos, list and sell your home. Again, no monthly payments until the house is sold.
At that time if your newly purchased downsized home needs a reno – it’s possible to apply for the CHIP (Reverse) mortgage.
There are so many benefits both financially and for good health! Removing debt removes many daily stressors from your life! On an even more pleasurable note, it may allow you to assist your children or grandchildren to enter the housing market with a down payment. Although interest payments are not required to be paid until the property is sold – you can elect to do so.
Anything that can assist in relieving financial burdens is certainly worth a discussion – don’t you think?
Written by: Jane Laker
Photo Credit: Stephen Elliott