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Not all home equity programs are created equal
– By Saskia Wijngaard
Someone in your neighbourhood cashed out 100 % of their equity without moving .
Silver and Gold ’ s Good Living show provided excellent , timely information on virtually every subject . One of the workshops explained the difference between , Downsizing , Line of Credit , Reverse Mortgages and Sell ‘ n STAY TM .
When it comes to home equity and what you can do with it , people usually have many questions . It ’ s very important to gather all the facts and talk to professionals so you can make well-informed decisions and choose what works best in your own personal circumstance . The Sell ‘ n STAY TM program involves the complete sale of your home in order to access 100 % of the equity . You then securely lease it back with a long term , legal agreement in place .
The following chart highlights some key differences between Sell ‘ n STAY TM and Reverse Mortgages :
Sell ‘ n Stay TM |
Reverse Mortgage |
Access to 100 % of your equity |
Access to 30-50 % of |
equity , depending on age |
No age limit |
Must be 62 yrs or older |
No loan to pay back |
Loan plus compounded |
interested is due when |
you sell your home |
Receive interest on |
Charged interest of 3 % |
your investments |
more than market rate |
No property tax payments |
Property tax payments |
Not responsible for repairs |
Still responsible for |
or home maintenance |
repairs and home |
maintenance |
Managed by trained , licensed |
Managed by private , |
and insured Real Estate agents |
unregulated company |
Costs are up front |
Fees / penalties / interest |
costs accumulate |
throughout loan term |
No Probate holdups or |
Probate holdup and costs |
Probate tax costs |
calculated based on |
home ’ s market value |
Inheritance can grow if |
Equity in the home can |
properly managed |
go to $ 0 |
Low stress mandate |
Highest stress |
No estate obligations : |
Estate must pay all costs |
return key to landlord |
until probate clears and |
home is sold . |
To read some success stories from the Sell ‘ n STAY program visit www . sellnstay . com
THERESA BAIRD tbaird . com
BROKER
They used Sell ’ n STAY TM
– an exciting solution for seniors who want to exit the housing market but know that there is no place like home .
A Safe , Simple , Private alternative to the reverse mortgage program , that allows you to “ Age in Place .”
No more property taxes , no more repair issues , no more moving costs or headaches . Just a long-term solution when you love where you live .
647-298-0997
“ Realtors for people who don ' t want to move .”
SASKIA WIJNGAARD
Celebrating our 10th year ! ~ Autumn 2016 sellnstay . com
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SALES REPRESENTATIVE
647-216-4821