Canadians are increasingly turning to reverse mortgages to live the kind of retirement they deserve.Having to contend with lower Canada Pension Plan payments, reduced or non-existent company pensions, inadequate retirement savings and the continually rising cost of living, many retirees are struggling financially. Seniors don’t just use a reverse mortgage to boost their retirement income; they also use it to help overcome the challenges of aging at home, as well as financing a more fulfilling retirement.
Accessibility renovations often include bathroom retrofits or installations, including walk-in showers, fold-down shower seats, raised toilets and grab bars. Other renovations include expanding the width of doorways, installing ramps for entranceways and stair lifts or home elevators.
If you’ve been in your home for many years and want to stay there for many more, you will probably be ready to invest in some improvements. Typically, AC units need replacing after 15 years, kitchens need a renovation every 20 years and you normally need new windows every 15-20 years.
Paying off the mortgage and pesky debt
By paying off their current mortgage with a reverse mortgage, retirees can increase their monthly cashflow substantially.