Avoiding Foreclosure And Renovating A Home

Violet has been living in the old farm house she grew up in, for most of her life. Over the years, Violet had helped her children financially, so when her bills started to pile up, she welcomed her son’s offer to pay for her property taxes. She never saw a tax bill and was grateful for his help. The home she has grown to love and cherish as part of her family has begun to deteriorate. Violet decided to speak to her mortgage broker about getting a small amount for her home renovations. Violet wanted to access some money to renovate her kitchen and bathroom. She also wanted to have a little extra to supplement her income. To help her get some financial cushion, Violet’s Mortgage Broker suggested a CHIP Reverse Mortgage through HomEquity Bank. For Violet to start the process of a Reverse Mortgage, she had to get a copy of her current property tax bill. She was beyond shocked when her bill showed that her property taxes were in arrears and that her property was going to be auctioned off.

THE APPROACH:

THE CONCLUSION:

>Violet was able to stay in her farm house, renovate her kitchen and bathroom and even had some extra money to supplement her income.

With no regular payments required, Violet can now enjoy the home she grew up loving.

Mich Sneddon, CPA, CA

A Canadian Chartered Accountant and licensed Mortgage Professional – creator of Reverse Mortgage Pros – the #1 reverse mortgage specialists in Canada.  I make it my mission to educate Canadians about how reverse mortgages work so that you can make an informed and educated decision that’s right for you and your family.