Travel with a Reverse Mortgage
May 25, 2011 · Print This Article
Many Canadians get to retirement with enough savings to live on, but not to supplement travel or entertainment. While this seems like an easy sacrifice if your lives are filled with family and friends, you may find your thoughts straying to seeing the city in Europe you always wanted to visit, or seeing that friend who moved to Florida.
A reverse mortgage makes it possible
What if we were to tell you that it is completely possible to travel in retirement without a huge savings cushion? A reverse mortgage from Horizon Equity is a safe, secure way to get the funds you need to travel without getting yourself into high-interest debt.
Travel with your friends
Soon after you retire, you will start getting invitations to travel with friends. Wouldn’t it be great to just pick up and go? Make sure your passport is up to date, because a reverse mortgage will make it happen.
Can I get a reverse mortgage for under $10,000?
You certainly can. Many vacations won’t cost you a lot of money, especially with the kind of deals you can find on travel and cruise websites. While you can take out up to 40% of your home’s value as a reverse mortgage loan, many of our customers choose a smaller amount of money in order to be fiscally conservative and still enjoy the benefits of the Canadian Home Income Plan (CHIP).
Why wouldn’t we put our vacation on a credit card?
A home equity loan from Horizon does not charge high interest rates like a credit card does. In fact, any of our reverse mortgage products don’t even come close to the kind of interest that you would be looking at for a typical credit card.
In addition, there is the question of how the debt from a credit card can be paid off on a fixed income. Usually there is very little to portion out for debt repayment from your budget when you are retired. A reverse mortgage does not need to be paid off until your home is sold, freeing up money that ongoing payments on a credit card would tie up.
How does it work?
When you request a quote from Horizon Equity, one of our friendly representatives will meet with you to go over your situation and recommend the products that you need. They will then forward your application to CHIP, and they will let you know how much you qualify for. You then forward the agreement to your lawyer to look over, and with your approval of the contract, we will provide you with the necessary funds.
Contact us today to get the money that you need to travel with your friends and family.