With the house-buying season now in full swing, some older parents are embracing the concept of \u2018giving with warm hands\u2019.<\/p>\n
![\"CHIP](\"http:\/\/terrygetsmortgages.ca\/wp-content\/uploads\/2016\/06\/CHIP-Facebook-pic-for-blog-204x300.jpg\")
During a recent Global Morning Show, a discussion centred upon parents helping children to acquire a home, in this difficult market. With prices rising rapidly and the down payment conditions becoming more onerous and restrictive, a Reverse Mortgage offers parents a way to both create a down payment, and\/or even to purchase a property for their children.<\/p>\n
In fact, according to recent statistics, almost 5% of clients aged 55 and over arrange reverse mortgages as a way to gift money to their adult children.<\/p>\n
\u201cWhat we hear from some of our clients is that they want to see their loved ones enjoying the results of their hard work. And so they arrange reverse mortgages and are gifting money to their adult children. And, since we have no gift tax in Canada, it\u2019s hugely beneficial,\u201d noted a Financial Advisor. \u201cMore Canadian seniors are looking to a reverse mortgage as a way to help their adult children when they need it most. They have decided they don\u2019t want their children to wait \u2013 they want to see them enjoy the money,\u201d he added<\/p>\n
A Reverse Mortgage is the simplest and most sensible way to turn up to 55% of the value that is locked up in a home into tax-free cash which can be put to use right away!<\/p>\n
Total\u00a0 ownership and control of the home is maintained while enjoying all the benefits of having converted some of its value into cash. For all these reasons, a Reverse Mortgage is a sound financial solution for many people.<\/p>\n
You can access money either as a one-time lump sum, or as monthly payments or both \u2013 it\u2019s tailored to individual needs. Up to 55% of the home\u2019s appraised value can be accessed and the money is tax free. Unlike a traditional loan, no payments are necessary until it\u2019s time to move or sell the home.<\/p>\n
<\/p>\n
Some recent examples of \u2018giving with warm hands\u2019, include:<\/strong><\/p>\n <\/p>\n Reverse Mortgages are designed exclusively for senior homeowners 55 and older:<\/strong><\/p>\n <\/p>\n Accessing some of the value of your home through a Reverse Mortgage may be an option for you. Stay in your home, and access funds to help your children.<\/p>\n Why not start the ball rolling and\u00a0call or e-mail Terry Lynch today<\/u><\/strong>,<\/p>\n Cell:416-315-1787 or<\/p>\n\n
\n