Have you thought about a reverse mortgage?

Reverse mortgages have come a long way.

They have evolved from a needs-based product to a solution that many financial planners recommend as an important component of a comprehensive retirement plan.

Unfortunately, there are still many misconceptions regarding reverse mortgages. Below, the myths are separated from the facts.

Myth: The bank owns the home.

Fact: You always maintain title ownership and control of your home, and you have the freedom to decide when and if you’d like to move or sell.

Myth: You will owe more than your home is worth.

Fact: Clients can qualify for up to 55% of the appraised value of the home, 33% on average. Due to conservative lending practices, you can be confident that there will be equity left in the home when the loan is repaid. In fact, lenders have a no negative equity guarantee.

Myth: A reverse mortgage is a solution of last resort.

Fact: Many financial professionals recommend a reverse mortgage because it’s a great way to provide financial flexibility. Since it’s tax-free money, it allows retirement savings to last longer.

Myth: You cannot get a reverse mortgage if you have an existing mortgage.

Fact: Clients use a reverse mortgage to pay off their existing mortgage and other debts, freeing up cash flow to use as you wish. How great would it feel to be free of regular mortgage payments?

You’ve paid into your home, now let your home pay you back to comfortably enjoy the years ahead!

Contact me if you would like to learn more.

I can’t wait to help you! 😁

Kellie Bryant

k.bryant@dominionlending.ca

#mortgagebroker

#reversemortgage

#retireinstyle

The BoC’s first policy announcement of 2024 was this past Wednesday morning.

As expected, the policy rate remained unchanged at 5.00% for the fourth consecutive meeting.

Looking ahead, the bank next meets on March 6th. The probability of a rate cut at that meeting is slim. We do however, look forward to discovering when the rate cuts might begin…sooner rather than later we hope! 🤞🤞🤞

Kellie Bryant
k.bryant@dominionlending.ca
https://kelliebryant.ca/

#mortgagebroker
#bankofcanada
#homeownership

When it comes to your money, RRSPs are one of the best ways to save. Known as a “Registered Retirement Savings Plan”, RRSPs have tons of benefits including: reducing your taxable income, earning compound interest, savings protection and more. 

One major component of RRSPs are your contributions! You have a maximum contribution amount that is equal to 18% of your total income for the previous year, not exceeding the annual limit (set per year by the Canadian government). 

Before your RRSP deadline, there are a few things to consider to help you get a jump start in planning for the future and increasing your peace of mind: 

• Should you invest in a RRSP or focus on paying down your mortgage? 

• Is a debt consolidation mortgage right for you? 

• Should you consider the Home Buyers’ Plan to help fund your down payment on your first home? 

If you already contributed this year, or missed the deadline, that’s okay! These are great questions to consider before next year’s contribution. 

If you’re wondering if you still have the ability to contribute to your RRSP this calendar year, you can check your contribution levels on your Notice of Assessment from last year’s tax return or on the CRA My Account website. 

To help understand your financial direction and what benefits paying down your mortgage might have versus adding to your RRSPs, please don’t hesitate to reach out to me today! I’d be happy to review your situation and take a look at your mortgage to help determine the best course of action.