Page 5 - September 2022 News On 7

HOW A REVERSE MORTGAGE CAN HELP YOU
You can benefit in many ways! For example, you can use the money to improve your daily living, to travel
and fulfill a dream, and even to get some home improvements. Also, you can use it to pay for medical
expenses, to increase and balance your investments, to help a family member, and so on. In fact, it’s entirely
up to you.

Benefits of a Reverse Mortgage
If you’re over the age of 55, a reverse mortgage lets you borrow up to 55% of your home’s value. The process is very simple, and
you can receive your funds in as little as two weeks.
Let’s take a look at some of the benefits:
1. You can withdraw the funds tax free.
2. You will have no monthly payments. In fact, the entire purpose is to help improve your lifestyle by reducing your payments
and adding some income.
3. There are no maturity dates. Everyone on title of the home can continue to benefit throughout their lifetime.
4. You can get immediate relief from your current mortgage payments because it pays off your existing mortgage.
5. It can also pay of debts so that you no longer have those monthly payments.
Most importantly, you can access the funds either in one lump sum or in advances. It’s entirely your choice.
Example of a Reverse Mortgage
In this example, the home is appraised at $800,000. There is a remaining mortgage of $200,000.
You can borrow up to 55% of the appraised value. Accordingly, in this example you can borrow up to $440,000.
Therefore, $440,000 (55% of the appraised value) minus $200,000 (existing mortgage) leaves you with $240,000 that you can
access immediately.
Talk to us if you would like more information on whether a reverse mortgage is right for you.

INDIGENOUS MEDICINE GARDEN IN CLOYNE
The next time you're in Cloyne, take a look at the beautiful new
Indigenous medicine garden between our Cloyne Branch and the
Pioneer Museum. It was planted by the local garden club and NAEC
students with advice from Indigenous community members.