Tapping The Home for Retirement Income: Should I Stay or Should I Go?
With many Canadians heading toward retirement carrying debt, those who own homes may be forced to turn to their lodging for extra income.
But some may not be eligible for home equity loans, leaving them with choices that include downsizing or a reverse mortgage. A recent survey on debt by Manulife Financial Corp. found that almost one in five Canadians expect to tap into home equity to top up their retirement income. 10% of the respondents said they plan to remain in their houses and borrow against home equity, while a further 8% are considering downsizing and using the extra equity to generate retirement income. For more information on home ownership into retirement, talk to you CIR REALTOR®. - Courtesy of The Globe and Mail
Why the media is 100% wrong...or are they?
Do you ever have that nagging feeling that you’re not getting the entire truth behind a news story? Us too! We all know the media’s job is to create an exciting story to draw in viewers or sell papers. The unfortunate part is that they typically don’t use all the facts. While there is generally some truth to every story, it is imperative to gather all the facts when making a decision about what is typically the largest investment in a persons life, their home. All of CIR’s clients have the opportunity to have an annual real estate review so they know exactly what is going on not only in the Calgary market, but on a provincial and National level as well. This review will make sure you are up to date with the most current and relevant data and that you know how your property value may be affected, good or bad. Next time you are having coffee with your friends and they say “did you see that story on the news, can you believe what the market is doing?”, you will be able to educate them on what it is actually doing.
Contact CIR REALTY Now For A Free Market Evaluation.Our goal is to meet all of your real estate needs. We look forward to hearing from you. We are happy to answer ANY questions you may have. email | phone