👋The term ‘𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗦𝘄𝗶𝘁𝗰𝗵’ is often used interchangeably with the ‘Refinance’ , however, they are not the same and function very differently.

🔁A mortgage switch/transfer involves moving your current mortgage from one lender to another without adjusting the remaining amortization and mortgage balance.

🔣With a mortgage switch, the only things that change are your term and interest rate.

📉This is ideal for when you want to take advantage of a competitive offer (or are just not happy with your current lender) but are not interested in accessing any additional monies or changing your remaining amortization.

🏦In most cases, the new lender will cover the cost of legal fees….which could save you thousands.

𝗩𝗲𝗿𝘀𝘂𝘀.

🔙When you 𝗿𝗲𝗳𝗶𝗻𝗮𝗻𝗰𝗲, all the terms of your mortgage are reset. To put it simply, refinancing is when you take out a brand new mortgage to replace your current one.

⚖️With a refinance, legal fees are applicable.

♟️However, refinancing creates the opportunity to access equity in your home for purposes such as renovation, investment, debt consolidation, etc., while also allowing you to re-amortize to 25 or 30 years.

✅️This consolidation of debt could also save you thousands and significantly increase monthly cash flow.

❓️𝗦𝗼 𝘄𝗵𝗶𝗰𝗵 𝗶𝘀 𝗯𝗲𝘁𝘁𝗲𝗿?
BOTH & NEITHER.

🔨That’s like asking if a hammer is better than a wrench – it depends what you are trying to accomplish.

👉Both have their benefits when used appropriately.

🪙Understanding your circumstances, goals, and priorities are essential components in determining which option is best for you.

📊 When deciding whether to renew, switch, or refinance, it’s imperative to ensure all factors are considered.

😒This is why making mortgage decisions on rate alone is a fools strategy.

🍏🍎Mortgages are not apples for apples.

🔧They are like wrenches and hammers – when used strategically, they are effective totals in achieving your real estate and financial goals.

📲 𝑸𝒖𝒆𝒔𝒕𝒊𝒐𝒏𝒔? 𝑺𝒆𝒏𝒅 𝒖𝒔 𝒂 𝑫𝑴!

🌱 𝐇𝐞𝐥𝐩𝐢𝐧𝐠 𝐲𝐨𝐮 𝐛𝐮𝐢𝐥𝐝 𝐖𝐞𝐚𝐥𝐭𝐡 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐑𝐞𝐚𝐥 𝐄𝐬𝐭𝐚𝐭𝐞 🏡

🙋🏼‍♀️@andreea.nour
🙋‍♀️@jessica.n.lone

𝑻𝑯𝑬 𝑭𝑨𝑪𝑻𝑺:

🇨🇦 𝑴𝒐𝒓𝒆 𝒕𝒉𝒂𝒏 1 𝒊𝒏 5 𝒆𝒎𝒑𝒍𝒐𝒚𝒆𝒅 𝑪𝒂𝒏𝒂𝒅𝒊𝒂𝒏𝒔 𝒂𝒓𝒆 𝒃𝒆𝒕𝒘𝒆𝒆𝒏 55 𝒂𝒏𝒅 64.

❎️ People 65+ have an average annual income shortfall of $20,000

❎️ 39% of Canadians aged 55-64 don’t have an employer pension

❎️ The average Canadian has saved less than $200,000

🪙For retirees on a fixed income, worries about taxes, utilities, prescriptions, and day-to-day expenses can impact their mental well-being and take the shine off what are supposed to be their “golden years”.

🔑 Fortunately, there are solutions that can address these concerns.

📈 A reverse mortgage is a popular option for 55+ Canadians that allows Canadians to access the equity they’ve built up in their homes.

👍With more than 70% of Canadians owning their homes, tapping into home equity with a reverse mortgage can be an attractive option for Canadians worried about retirement.

𝑻𝑯𝑬 𝑩𝑬𝑵𝑬𝑭𝑰𝑻𝑺:

✅️ Not having to sell or move.

✅️ No monthly payments are required

✅️ Funds are tax-free, meaning it won’t affect the marginal tax rate on your pension.

💭 𝑭𝑶𝑶𝑫 𝑭𝑶𝑹 𝑻𝑯𝑶𝑼𝑮𝑯𝑻:

💸A reverse mortgage can reduce the need to increase RRIF withdrawals by providing an alternative source of tax-free income, thereby preserving those RRIFs and extending the duration of those retirement savings.

🏡 A Reverse Mortgage gives Canadians access to the equity locked up in the home without forcing them to sell and move elsewhere.

❓️𝑯𝑶𝑾 𝑾𝑰𝑳𝑳 𝑰 𝑹𝑬𝑪𝑬𝑰𝑽𝑬 𝑻𝑯𝑬 𝑭𝑼𝑵𝑫𝑺?

Reverse mortgage products come in a variety of shapes and sizes. Canadians 55+ can opt for:

💰Lump sum
💰 Subsequent advances
💰 Planned advances monthly or quarterly
💰Combination of these options.

❓️Are you ready to explore all retirement income solutions with the Reverse Mortgage?

📲Contact us today!

🌱 𝑯𝒆𝒍𝒑𝒊𝒏𝒈 𝒚𝒐𝒖 𝒃𝒖𝒊𝒍𝒅 #𝑾𝒆𝒂𝒍𝒕𝒉 𝒕𝒉𝒓𝒐𝒖𝒈𝒉 𝑹𝒆𝒂𝒍 𝑬𝒔𝒕𝒂𝒕𝒆🏡

🙋🏻‍♀️@jessica.n.lone
🙋🏼‍♀️@andreea.nour

🔗SOURCE: Wealth Professional – Link in Bio

🏦 @homeequitybank