MONEY MATTERS
Then Marc and Martha considered option two: Applying for
a Reverse Mortgage. They realized they’d only be able to access
40% to 50% of the home’s equity, and the high interest rates
would eat into their money very quickly. If they both passed
away, the burden would be passed along to their children. It
just wasn’t for them.
Then there’s the many costs associated with selling, buying
another home, preparing it for your comfort, packing and
moving, changing addresses… it’s no wonder that moving
homes has long been recognized as one of the “top 3 most
stressful life events.”
Studies prepared by Manulife Financial tell us 24% of
Canadians are retiring in debt. 18% plan on using a line of
credit to get by, while 8% plan to downsize by selling their
home. And while some may have invested in good insurance
plans to see them through deteriorating health, others are
hoping that our country’s failing health plan will provide the
assistance they will eventually need.
“After my client Jean used Sell ‘n Stay, she took her first trip
in twenty-five years,” says Saskia. “She went to Alaska with
her church group, a dream which was on her bucket list for
many years. By having access to all of the equity in her home
and tailoring a plan with her Financial Advisor, she knows she
will have more than enough money to last her for the rest of
her life. Plus she was able to make a donation to her church
while being alive to witness it!”
Saskia Wijngaard designed the “Sell ‘n Stay” program, which
provides homeowners with an option to do just that: Sell their
home, pull 100% of their equity, and still stay and live in it
comfortably. “The program is designed in such a way that it
allows the homeowner to stay safely in their own home until
such time as they either pass away, or decide to no longer live
in it,” explains Saskia.
Saskia says the Sell ‘n Stay program gives seniors peace of
mind knowing their children will not have to be burdened
when their parents pass away: They will not have to make the
decisions of clearing the family home, cleaning and upgrading
it, listing and eventually selling it, and most importantly, not
pay Probate whatsoever. The Estate is in order for everyone
involved, both financially and emotionally.
For anyone, but especially for a senior, listing a home for
sale and moving away from it is a highly stressful process.
“We are empowering seniors by facilitating their dreams,”
says Saskia. “Not only do they get to stay in their own home,
with their own stuff, in their own neighbourhood, but now
they have the money they’ve worked all their lives toward, to
enjoy as they please. Best of all, their neighbours don’t even
have to know they’ve used Sell ‘n Stay as it’s a completely
private process!”
First there is the possibility that the home will require many
renovations and retrofits in order to make it appealing and
“marketable”, and provide the most return on investment:
The kitchen may be outdated, carpets may need to be ripped
out and replaced, walls freshly painted, roof fixed, landscaping
cleaned up, precious items stored away. It sure isn’t easy to
live through a renovation.
Second, the many phone calls from agents who want to
bring in prospective buyers can disrupt anyone’s schedule
and create anxiety. The house must be kept clean at all costs;
weekend Open Houses raise fears of security and privacy; and
forget about cooking fragrant dinners or taking long naps!
What does your ‘bucket list’ look like?
In the 2007 movie The Bucket List, billionaire Ed (Jack
Nicholson) and car mechanic Carter (Morgan Freeman) cross
paths and end up sharing the same hospital room. Although
they have very different personalities and backgrounds, they
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