Mortgage Blog

Reverse Mortgage Specialist - Elder Planning Counselor - Barrie, Orillia, Collingwood and Georgian Bay Areas

Strengthen Your Healthcare Budget with Reverse Mortgage

September 8, 2020 | Posted by: Vince Savoia - Barrie, Orillia, Collingwood, Wasaga Beach and Surrounding area Reverse Mortgage Specialist

A Reverse Mortgage will help cover you between CRA medical expenses claims

Although you may be able to make the most of your CRA allowable medical expenses by claiming credits for them through your personal income tax returns, that is a yearly process. You may still need funds at your disposal to pay for ongoing expenses throughout the year. Not to mention, we all know that there are always those unfortunate unexpected medical expenses that can arise over time and eat into your limited, post-retirement, healthcare budget.

While you have several financial assistance options, such as insurance policies, loans, and lines of credit, there are certain downsides. The good news is, there’s a better option! If you own a property and are 55+, you can cash in on some of your home’s equity in the form of tax-free cash. The Reverse Mortgage allows you to remain self-reliant and financially stress-free about you or your loved one’s ongoing healthcare needs.

Tailored to the needs of aging individuals, reverse mortgages offer many advantages:

> As long as you are above 55 years of age, there is no minimum income or credit score requirement
> You can get up to 55% of your home equity in a lump sum or as part disbursal, with the balance amount paid over time, or as and when needed
> Your repayments do not start immediately after borrowing. You have the flexibility to repay and only have to repay when you decide to sell
> During the tenure of the mortgage, you continue to retain the ownership of your home
> If you move out or sell the home, you can use the sale proceeds for repayment
> The borrowed amount is tax-free and does not affect your eligibility for Old Age Security (OAS) or Guaranteed Income Supplement (GIS)

If you have any questions we are here to help. Please feel free to contact us for mroe details.

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