Silver and Gold Magazine Spring 2015 - Page 18

MONEY MATTERS Then Marc and Martha considered option two: Applying for a Reverse Mortgage. They realized they’d only be able to access 40% to 50% of the home’s equity, and the high interest rates would eat into their money very quickly. If they both passed away, the burden would be passed along to their children. It just wasn’t for them. Then there’s the many costs associated with selling, buying another home, preparing it for your comfort, packing and moving, changing addresses… it’s no wonder that moving homes has long been recognized as one of the “top 3 most stressful life events.” Studies prepared by Manulife Financial tell us 24% of Canadians are retiring in debt. 18% plan on using a line of credit to get by, while 8% plan to downsize by selling their home. And while some may have invested in good insurance plans to see them through deteriorating health, others are hoping that our country’s failing health plan will provide the assistance they will eventually need. “After my client Jean used Sell ‘n Stay, she took her first trip in twenty-five years,” says Saskia. “She went to Alaska with her church group, a dream which was on her bucket list for many years. By having access to all of the equity in her home and tailoring a plan with her Financial Advisor, she knows she will have more than enough money to last her for the rest of her life. Plus she was able to make a donation to her church while being alive to witness it!” Saskia Wijngaard designed the “Sell ‘n Stay” program, which provides homeowners with an option to do just that: Sell their home, pull 100% of their equity, and still stay and live in it comfortably. “The program is designed in such a way that it allows the homeowner to stay safely in their own home until such time as they either pass away, or decide to no longer live in it,” explains Saskia. Saskia says the Sell ‘n Stay program gives seniors peace of mind knowing their children will not have to be burdened when their parents pass away: They will not have to make the decisions of clearing the family home, cleaning and upgrading it, listing and eventually selling it, and most importantly, not pay Probate whatsoever. The Estate is in order for everyone involved, both financially and emotionally. For anyone, but especially for a senior, listing a home for sale and moving away from it is a highly stressful process. “We are empowering seniors by facilitating their dreams,” says Saskia. “Not only do they get to stay in their own home, with their own stuff, in their own neighbourhood, but now they have the money they’ve worked all their lives toward, to enjoy as they please. Best of all, their neighbours don’t even have to know they’ve used Sell ‘n Stay as it’s a completely private process!” First there is the possibility that the home will require many renovations and retrofits in order to make it appealing and “marketable”, and provide the most return on investment: The kitchen may be outdated, carpets may need to be ripped out and replaced, walls freshly painted, roof fixed, landscaping cleaned up, precious items stored away. It sure isn’t easy to live through a renovation. Second, the many phone calls from agents who want to bring in prospective buyers can disrupt anyone’s schedule and create anxiety. The house must be kept clean at all costs; weekend Open Houses raise fears of security and privacy; and forget about cooking fragrant dinners or taking long naps! What does your ‘bucket list’ look like? In the 2007 movie The Bucket List, billionaire Ed (Jack Nicholson) and car mechanic Carter (Morgan Freeman) cross paths and end up sharing the same hospital room. Although they have very different personalities and backgrounds, they CARING FOR YOU Caring For You Assisted Living Inc. Assisted Living Inc. Embrace Your Independence and Live Well Peace of Mind, Special In-Home Care for Adults and Seniors Caregiver Relief (Respite) Companionship Errands / Shopping Light Housekeeping Meal Preparation Hygiene Assistance Assist with Meals Mobility Assistance Medication Reminders Injured or Disabled Long Term or Temporary Care • Hourly • 24/7 Care Call: 905.517.7466 www.caringforyouassistedliving.com 18 More articles, recipes & resources: www.silvergoldmagazine.ca