Saving up an adequate down payment is among the largest obstacles for first-time homebuyers.
An increasing amount of Canadians are gifting their children money for a down payment on their first home.
One benefit is that an early inheritance avoids probate fees or the estate administration tax.
Gifting income-generating investments can also bring you down to a lower tax bracket.
Advantages of reverse mortgages are.
- Your investments remain intact.
- You have no regular monthly payments or fees.
- Your income is not affected.
- The money you get from a reverse mortgage is tax-free.
- A reverse mortgage allows you to cash in your home’s equity.
IF you are thinking about a Reverse Mortgage Call Us Toll Free (866) 410-4740.
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