Reverse mortgages
Are you asset "rich" and "cash" poor? Is your
pension cheque now so small that you find you are living from "cheque
to cheque"? Do you have trouble putting a little away to cover
the Council rates or pay for some unexpected costs such as a new fridge
or maybe just enough so you can carry out urgent repairs to your home?
Maybe you would just like to have an extra $200 a week,
so that you can spend as you wish ?
If this is a big "yes" then you should consider a First
Fidelity Sunset Mortgage.
A "What"?.
A Sunset mortgage is a "Reverse Mortgage" unlike a conventional
mortgage, where you have to make regular monthly mortgage payments.With
a First Fidelity Sunset Mortgage there are
- No monthly payments.
- You pay no tax on the extra $200 per week
- Your pension and Medical benefits will not be affected.
- You retain title to your home as you always have.
- The loan is not repaid until you pass away
Should you wish to learn more about a First Fidelity Sunset Mortgage
contact us using this form, and we would be glad to explain how a
Sunset Mortgage works and how it can benefit you.
You paid for your home........ Now let it pay you!!!
We will show
you how you can have an $800.00 cheque paid into your bank account
every month for ten years, or until you move from your home to a nursing
home or pass on.
There is no catch,
the money you receive each month plus interest will be paid when you
leave from the sale of your home. In most cases based on home values
over the last 20 years, the amount you have to repay will be around
the capital gains on the home during the loan period. Your estate
will in most cases be paid the current value of your home. In the
rare event that your home does not appreciate in value during the
loan period, the net proceeds from the sale of your home is all that
your estate in responsible for.
We look forward to your phone cal.
You
have to be over 65 years of age, the house must be owned by you and
there must be no debt owing on the home. First Fidelity Funds will
require a registered interest on the home and you must pay all rates,
taxes and upkeep on the home. The money you receive does not effect
your pension as they are borrowed funds.
You can choose ….
1) A lump sum payment.
2) A monthly payment.
3) A line of credit.
The interest can
be charged monthly, half yearly or annually. Interest rates will vary
on the method you select.
Requirements.
You must be over 65 years old.
A valuation will be required on the home.
You can borrow up to 50% of the valuation.
You must seek an independent adviser's opinion.
A establishment fee will be charged.
Have
some questions? Need some clarification?, ask us here
