Use a reverse mortgage to pay for homecare and home accessibility renovation expenses to age-in-place.
For senior homeowners in Toronto, planning for the costs of care as you age can be challenging. While most older Canadians would prefer to remain at home in their retirement years, private care can be a very expensive option.
If you are planning to remain at home with in-home care, modifications may also need to be made to your home. Accessibility renovations including ramps, stairlifts, and other devices, as well as safety features in bathrooms and other areas within the home can be costly.
Reverse mortgages are available to 55+ Canadians enabling them to access up to 55% of the value of their homes. Bloom reverse mortgage customers continue to own and live in their homes and reverse mortgages require no regular payments.
With significant price appreciation in homes across Ontario in recent years, many senior homeowners have substantially more resources available to them than they realize. Equity in the home can be a great solution to fund costly later-life expenses like homecare and home accessibility renovations.
A reverse mortgage can also be an ideal solution to cover the costs associated with assisting living, memory care or long-term care when needed for a spouse while allowing the other partner to remain in the home.
Reverse mortgages can also be used for wellness, travel, and even to allow you the ability to provide a living inheritance for a family member. The funds are tax-free and can be used as you wish to help you stay in the home you love.
Could a reverse mortgage be the right solution for you or a loved one? Call a Bloom Customer Advocate or visit our website to learn whether this option could work for you.
Brokerage Licensed in ON #13338, BC #MB600455
