Silver and Gold Magazine Fall 2016 - Page 15

Not all home equity programs are created equal – By Saskia Wijngaard Someone in your neighbourhood cashed out 100% of their equity without moving. Silver and Gold’s Good Living show provided excellent, timely information on virtually every subject. One of the workshops explained the difference between, Downsizing, Line of Credit, Reverse Mortgages and Sell ‘n STAY TM . When it comes to home equity and what you can do with it, people usually have many questions. It’s very important to gather all the facts and talk to professionals so you can make well-informed decisions and choose what works best in your own personal circumstance. The Sell ‘n STAY TM program involves the complete sale of your home in order to access 100% of the equity. You then securely lease it back with a long term, legal agreement in place. The following chart highlights some key differences between Sell ‘n STAY TM and Reverse Mortgages: Sell ‘n Stay TM Reverse Mortgage Access to 100% of your equity Access to 30-50% of equity, depending on age No age limit Must be 62 yrs or older No loan to pay back Loan plus compounded interested is due when you sell your home Receive interest on Charged interest of 3% your investments more than market rate No property tax payments Property tax payments Not responsible for repairs Still responsible for or home maintenance repairs and home maintenance Managed by trained, licensed Managed by private, and insured Real Estate agents unregulated company Costs are up front Fees/ penalties /interest costs accumulate throughout loan term No Probate holdups or Probate holdup and costs Probate tax costs calculated based on home’s market value Inheritance can grow if Equity in the home can properly managed go to $0 Low stress mandate Highest stress No estate obligations: Estate must pay all costs return key to landlord until probate clears and home is sold. To read some success stories from the Sell ‘n STAY program visit THERESA BAIRD BROKER They used Sell ’n STAY TM – an exciting solution for seniors who want to exit the housing market but know that there is no place like home. A Safe, Simple, Private alternative to the reverse mortgage program, that allows you to “Age in Place.” No more property taxes, no more repair issues, no more moving costs or headaches. Just a long-term solution when you love where you live. 647-298-0997 “Realtors for people who don't want to move.” SASKIA WIJNGAARD Celebrating our 10th year! ~ Autumn 2016 15 SALES REPRESENTATIVE 647-216-4821