Reverse Mortgage with Life Insurance

Most of us have heard of Reverse Mortgage as a source of freeing up cash, tax free, from the homes that we live in to bolster our retirement income. If you are not familiar, it a simple strategy of borrowing funds from a lending institutions where the payment of the interest is optional and if not paid it is capitalized or added tot the loan. The house is put up as collateral for the loan. The funds so derived are not taxable as it not income but a loan.But what if that is not available or is not the best source of collateral or is on a basis not which is not the most favorable.

If you have a life insurance policy where the accumulated cash value is sufficient, you can utilize it as collateral forming a reverese mortgage scinario. If you are 20+ years from retirement this may be an interesting strategy to plan for now to utilize down the road.

Give us a call for details of this strategy.

contactus


  • No comments found
Lake Muskoka.jpg Via_1.jpg Pearson.jpg Wolf Lake.jpg Moose.jpg Croatian Franciscan Centre.jpg RoyalYork.jpg Queens U.jpg cottagecountry.jpg TorontoBeach.jpg Rogers Center-football.jpg Univerity college U of T, Toronto, ON.jpg CFL TigerCat Cheerleaders, Hamilton, ON.jpg CanadianRail.jpg WindMill.jpg Goose1.jpg Burlington.jpg Niagara falls.jpg Rogers Center 1.jpg Western U.jpg Halton Country.jpg Sunset1.jpg Rogers Center 2.jpg ROM1.jpg TorontoWaterFront.jpg LondonSkyline.jpg Ukranian Church.jpg Queens U 2.jpg Hockey Hall of Fame, Toronto, ON.jpg CottageCountry2.jpg toronto harbour.jpg parliament.jpg badlands.jpg Niagara vineyard.jpg Hamilton.jpg vineyard2.jpg Brock U.jpg Guelph U.jpg Yonge St.jpg York U.jpg lightning.jpg escarpment.jpg HartHouse, TorontoON.jpg UnionStation.jpg Eaton's Center.jpg