Buying a Home
Buying a home whether for your first time,
Homeowners aged 62 and older may receive $20,
Unlike secured lines of credit, conventional mortgages, or home equity loans, a Reverse Mortgage requires no repayment for as long as you live in your home. The loan is repaid from your estate, or by you if you decide to sell or move. The loan amount to be repaid is guaranteed not to exceed the fair market value of your home at the time it is sold, protecting the balance of your estate.
You retain complete control of your home with the freedom to move or sell at any time.
Proceeds from the reverse mortgage are tax-free, and make no difference to income-tested government benefits. This makes a Reverse Mortgage a tax-friendly alternative to taking extra RRIF withdrawals or cashing in non-registered investments.
Home Buyers’ Plan (HBP)
You can use the money accumulated in your RRSP towards a down payment for your home. You can borrow money for making an RRSP contribution which,
Unleash the equity from your home to payoff other debts,
Don’t get stuck with a higher rate than you deserve! Don’t do what most mortgagors do!
Another lender will typically offer you a better rate and no cost to switch. Buzz can also negotiate your way through with your existing lender if you want to break your term and renew at a lower rate. Start by letting Buzz know 30 to 60 days ahead of your renewal date. You will get locked in for the best rate on the market and lower if rates drop prior to your renewal date.