When thinking about major life events that affect a majority of the population, the purchase of a home is usually one of the top financial commitments an individual or family can make.
And, taking care of a home and managing finances after retirement would be another.
For that reason, Invis Mortgage, is hosting two seminars on April 27 to help answer questions and discuss options related to home buying and how to use a home’s equity for cash flow.
The Reverse Mortgage seminar at 3 p.m. will explain to retirees (or those planning to retire soon) how to use equity from the house to increase monthly cash flow. Contrary to myths, the reverse mortgage does not mean the bank owns the home.
Paul Healey and Karen Ewing, principals at Invis, will explain the details of such mortgage products and will objectively present the pros and cons.
“For many individuals who cannot meet their monthly financial commitments because retirement cash flow is lower than expenses, a reverse mortgage is a viable option that allows the homeowner to keep his or her home yet worry less about meeting other financial commitments,” Healey says. "Others may simply benefit from debt consolidation, which may also use home equity to increase cash flow."
Ewing adds, “Ideally, by using mortgage-products with low interest rates, the individuals will have enough extra cash each month to really enjoy being retired by doing the things they always dreamed of doing in retirement.”
The 7 p.m. “Home Buyer Seminar” will walk attendees though the process of buying a home and securing a mortgage. In addition, the Invis team will explain about the importance of credit, how to improve it if there is an issue, lender criteria, options for self-employed individuals, and the difference between a mortgage broker and direct financing (as with a bank).
The seminars are free, but the donation of non-perishable food is suggested; Invis will, in turn, take the food to the food bank. Seating is limited to ensure attendees can interact with the presenters, so please pre-register by calling 250-897-3550.
2011 marks the 11th anniversary of Invis Comox Valley, which recently won two national awards out of 700 Invis offices across Canada. The office on Cliffe Avenue opened in 2006 and today has five brokers.
Mortgages provided by Invis include: construction and new purchases, refinances, reverse, and investment. Home equity lines of credit are also available, as well as special programs for self-employed individuals.
— Invis Mortgage