How to Afford your Home Modifications in Canada
Home Modifications: The Financials & Where to Get the Money
You’ve come to a decision. You’ve weighed up the pros and cons of moving into assisted living and have decided that aging in place is the right move for you. However, to ensure you’re as safe as you can be in your home as your needs change, you’ll need some renovations, so have you carried out your needs assessment to determine exactly what will need doing?
Once you know what is required, you can move on to step 2: getting the right professionals in to work alongside you, putting their expertise into practice to guide you on your modification journey, ensuring every angle has been considered, risk assessed and hazard averted.
But this all comes at a cost, and one that not everyone can easily cover…
The Cost of Home Modifications
Once you’ve got your written estimates and quotations in hand, the reality begins to hit, and you may start to ask questions about affordability and financing. After all, how will you pay for these renovations without accumulating debt?
In Canada, there are unfortunately little in the way of programs to assist with home renovations for Aging in Place. Many programs are designed around accessible design post-incident or accident and not for remaining in your home safely as you age. However, you can take advantage of provincial tax credits when it comes to the renovation itself or look to other options.
Reverse Mortgages to Finance Home Modifications
Though there may not be many funding options out there, one that may appeal to homeowners aged 55 and over are reverse mortgages. As such, we got stuck into finding out what Home Equity Bank can do for you. This is what Yvonne Ziomecki, CMO at HomeEquity Bank says:
“A Reverse Mortgage allows Canadian homeowners age 55+ to access up to 55% of their home’s equity in tax-free cash without having to sell or downsize. Securing a CHIP Reverse Mortgage is easy; it starts with an initial phone call with our dedicated team of consultants – you can reach them toll-free at 1-866-822-2447. You are never obligated to make a decision on the spot. We just think it is important that Canadians 55+ know what their retirement options are.”
What can a reverse mortgage fund?
This question was answered further by Yvonne,
“We have clients doing renovations, covering medical costs, granting inheritances, travelling, consolidating debt, and even supporting their children with down payments to get into the real estate market – you get to enjoy ultimate financial flexibility and live retirement on your own terms. The best part is no monthly mortgage payments are required.”
Are many seniors taking out reverse mortgages?
In short, yes, they are, and demand is growing:
“There is a growing demand for Reverse Mortgages here in Canada as Canadians 55+ opt to age in place and look for ways to supplement their retirement income. This year, to date, we’ve seen a 241% growth in the reverse mortgage industry.” According to Yvonne
Am I eligible for a reverse mortgage?
There are a couple of factors to bear in mind when it comes to finding out your eligibility, so check these out, as explained here:
“Eligibility is simple. You qualify for the CHIP Program if you are a Canadian homeowner, age 55 or older, and the home is your primary residence. The older you are and the more equity you have in your home, the more money we can lend you.”
Next Steps
Now that you know a little more about the options available to you, the only way to find out if you’re personally eligible for a reverse mortgage is by getting in touch with Home Equity Bank at 1-866-822-2447, so that you can have all the information and support you need to take your next steps or get in touch with us so that we can guide you from the very start.
