Are you or someone you know 55 or older that is house-rich but cash-poor?
The McKee Seniors' Recreation Centre is hosting a free information forum later this month on reverse mortgages vs. home equity lines of credit. A retirement planning specialist will also be in attendance to answer questions.
Reverse mortgages are becoming increasingly popular among older Canadians that might not have saved enough to fund a comfortable retirement.
Some people in the financial community are critical of reverse mortgages, which is why McKee has invited Barbara Prince from Canadian Home Income Plan and Kelly Fishburn from the Royal Bank's Ladner branch to speak on which choice might be the best for your retirement plan.
RBC is also sending Mike Hurst, a retirement planning specialist, to talk about planning and investments to see you through retirement.
If you own your own home but have limited or a low fixed income, a reverse mortgage is one option where you can have a better quality of life in your retirement years. If you are 55-plus, you can borrow up to 50 per cent of the equity in your principal residence based on the appraised value. This amount plus the accrued interest does not need to be paid back until the property is sold.
The information session will run from 10 a.m. to noon on Saturday, Feb. 25 at the McKee Seniors' Recreation Centre, 515547th Ave.
