Monday, 11 November 2013
Hamilton Real Estate: City Living vs. The Burbs -- Which is cheaper?
Hamilton Real Estate: City Living vs. The Burbs -- Which is cheaper?: There's a common perception that living in the suburbs is much cheaper than the city. This article originally posted on the Globe and M...
Thursday, 7 November 2013
Divorced retirees tap their house for extra income
(NC) Financial settlements from a divorce can have a big impact on a person's security – and that concern doubles when a marriage suddenly ends later in life.
If divorce in retirement is happening to you, you're not alone. The so-called 'grey divorce' has been identified as a growing 21st century trend.
Although divorcing later in life poses some unique challenges, it also means that you may have access to some unique financial tools that are not readily available to people in their 30s and 40s.
For instance, if the house is settled on your side of the ledger, you may be able to shore up your finances and enhance cash flow by tapping into the equity of your home. This is done by arranging a reverse mortgage.
“Instead of selling your house and downsizing or even renting, why not stay in it and receive payments based on its real estate value?” says Arthur Krzycki, a director with HomEquity Bank. “Accessing the equity in your home with a reverse mortgage like a CHIP Home Income Plan is a simple and sensible way to reduce the financial burden normally associated with divorce.”
Here's how CHIP works:
• If you're aged 55 and over, you can convert up to 50 per-cent of your home equity into tax-free cash.
• Unlike other loans on the market, you are not required to service the interest, or repay the principal until you choose to move or sell.
• You also have the option to take a lump sum to pay off your debts, or for home repairs and modifications. Or you can schedule monthly advances to enhance your cash flow on a regular basis. Some homeowners do both.
“It's never too late to bolster your finances by taking money out from your house while continuing to live there. For example, using a reverse mortgage to provide additional cash income could save homeowners from having to sell non-registered investments, or prevent the need to withdraw money from a RRIF above the annual minimum. Both of these strategies will likely have tax implications, so be sure to work with a financial advisor for solutions that fit your needs.”
Additional information is also available online at www.chip.ca and www.philrom.com
www.newscanada.com
Saturday, 2 November 2013
Protect your home against winter's wrath
(NC) As Canadians, we are fortunate to experience
nature's splendour through all four seasons. However, extra steps need
to be taken to protect your home against damage that could be incurred
with cold temperatures, ice and snow.
“Preparing your home for old man winter's arrival
will help you to protect your investment,” says Royal LePage broker
Carla Bouchard. “A few simple steps can restore your peace of mind and
have your home winter-ready.” Bouchard recommends the following tips for
winter home preparation:
1. Clean out your gutters and install gutter guards.
Reduce the chance of an ice dam by removing debris from your gutters.
Ice dams form when indoor heat melts the ice on your roof. If there is
nowhere for the melted ice to flow, it will collect in your gutters and
re-freeze, causing potential water damage when warmer temperatures
return. The Canadian Mortgage and Housing Corporation also recommends
using electrical de-icing cables or low-corrosion chemical de-icers.
2. Use a chimney sweep service at least once per year.
Many Canadians enjoy a crackling fire on cold winter nights. Chimney
sweep services remove soot, blockages and any accumulating creosote, a
highly flammable substance, from your chimney, thereby reducing the
potential for a chimney fire.
3. Protect pipes located near the exterior of your home.
Frozen pipes are one of the most common problems caused by freezing
temperatures. It is important to ensure that pipes running through your
garage or other exterior areas are well insulated. If you plan to be
away, set your thermostat at 65 degrees Fahrenheit and open cupboards
under your sinks to allow heat to flow through. You can find more
information at
www.newscanada.com
Thursday, 24 October 2013
Tap your home ownership for a cash flow
(NC) The prospect of retirement can be a double-edged
sword. On the one hand, it appears to be a future filled with fun and
freedom. On the other hand, it may seem like the day of reckoning is
here. When you leave the workplace, will you have enough money to see
you through the retirement you've always wanted?
Indeed, as many as 50 per cent of all seniors
surveyed recently said they believe their retirement savings will be
exhausted within 10 years. This means that, for many, finding a creative
solution will be critical for maintaining financial independence.
How about this one?
Stay in your home for as long as you like and, based
on the real estate value, receive a cash flow to supplement your income.
Here's how it could work for you:
• If you have reached age 55, you may be eligible for
the CHIP Home Income Plan from HomEquity Bank. It allows you to convert
up to 50 per cent of the equity into tax-free cash.
• Unlike other loans on the market, there are no
credit or income qualifications and you are not required to service the
interest, or repay the principal until you choose to move or sell.
• It is also guaranteed that you will never have to repay more than the fair market value of the house at the time of the sale.
When considering if this solution is right for your
financial circumstances, you may be interested to know that a typical
CHIP customer has an annual household income under $75,000 and 79 per
cent of them had less than $250,000 saved for retirement. If this sounds
a little like you, the CHIP reverse mortgages may be a good way to
enhance your day-to-day cash flow.
Ask a financial advisor or a mortgage broker for details – and additional information is also available online at www.chip.ca.
Thursday, 17 October 2013
News & Rate Advisor!
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Welcome to the October issue of the News & Rate Advisor.
Source: Bank of Canada
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Monday, 16 September 2013
Hamilton Real Estate: August sales up 8.8% year-over-year
Hamilton Real Estate: August sales up 8.8% year-over-year: The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1203 properties sold through the RAHB Multiple Listing Service® (MLS®) in ...
September News and Rate Advisor!!
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Welcome to the September issue of the News & Rate Advisor.
Source: Bank of Canada
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