A husband and wife in their early seventies felt that they needed a little more cash on hand. They were considering cashing in some of the limited investments they had left. Here is an Ottawa reverse mortgage success story.
The couple is uneasy each day and the smallest financial upset is a big challenge for them.
After they paid all their expenses each month, all that was left was about $225. Also, their car was getting quite old. In addition, their house was in need of crucial repairs. Plus, their family asked to borrow some money and finances were at their limit.
However, they had a house that was paid in full and from a net wroth point of view were doing quite well. Fortunately, after a simple reverse mortgage calculator, the couple saw that they were eligible to access up to $250,000 from their house, tax free.
Learn more: What is a CHIP Reverse Mortgage?
The couple used the funds for a newer car and house repairs. Plus, the couple was able to give support for their family to help them buy a home and invested the rest in an investment that provided them with a monthly cashflow. Now, they were finally able to book a trip to visit family they had aways wanted to do.
Learn more: CHIP.ca
This truly was an Ottawa reverse mortgage success story. As a Certified Reverse Mortgage Specialist, I can answer any questions you may have about an Ottawa reverse mortgage.