Are you over 55 and looking to purchase a new home but want to take your time to sell their existing one? This situation is quite common, as many clients prefer to do renovations or settle into their new homes before making the transition.

Let me illustrate the benefits of one of our mortgage products an open reverse mortgage as a strategic bridge financing tool for situations like the one faced by the Johnsons, a lovely couple in their mid-70s residing in Chilliwack, British Columbia. The Johnsons live on a two-acre property valued at $2 million, which has become increasingly difficult to maintain. The Johnsons wanted to purchase a townhouse but didn’t want to rush to sell their current home until they were able to do some updates to the home to help increase the value of the home. However, their basic OAS and CPP income made it challenging to secure traditional financing to keep both properties for this short period.

With the solution we provided, the Johnsons accessed $650,000 from their home equity, allowing them to purchase the townhouse without worrying about monthly mortgage payments. They had the flexibility to settle into their new home and prepare their previous property for sale at their own pace. Here are some key benefits that helped the Johnsons choose to move forward:

• Time: you can manage their move at a comfortable pace, sorting and storing belongings without rushing.
• Flexible Dates: you can purchase their new home and sell their current home with flexible dates, increasing their chances of attracting higher offers.
• Flexible Solution: you have the option to convert to a standard CHIP Reverse Mortgage if the market takes a downturn and they are unable to sell.
• No Debt Servicing: Most clients don’t income qualify to purchase their next home before selling their current one. An open reverse mortgage makes this scenario possible.

Contact The Angela Calla Mortgage Team today to learn how we can help you or a loved one implement this.

Angela Calla is an 19-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

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