Here's
What Newfoundland Seniors Should Know
About Utilizing a Reverse Mortgage...
Real
Estate in Newfoundland & Labrador at a Glance:
Newfoundland
is currently seeing a moderate increase in housing prices
due to increased consumer activity and major capital projects
- which continue to act as an economic stimulus. Rental vacancy
rates slightly increased, though this may be linked to the
4% growth in employment in the Province (where those residents
would now be in a position to purchase a home).
Note:
For more information, and for up-to-date real estate and economic
news & data, we suggest visiting CMHC's
Housing Market Info Center for new reports each
quarter.
Average
House Values in NL and the Major Cities:
|
Location
|
AVH*
2009
|
AVH
2010
|
|
NL
(province-wide)
|
$203,903
|
$230,190
|
|
Saint
John's
|
$203,854
|
$232,233
|
*
AVH = Average House Value
What's
the Outlook for Newfoundland Seniors?
Like
the rest of Atlantic Canada, Newfoundland is seeing a resurgence
in economic strength, with employment up 4% in, unemployment
down 0.8% (both figures from the major city, St. John's),
which is a result of renewed consumer confidence/spending
and infrastructure projects.
The
long-term outlook for Newfoundland is hard to generalize.
Offshore oil production is expected to decline in 2011, but
Provincial revenues should be supplemented by other increased
royalties. CMHC estimates a 3% gain in GDP for 2010 &
2011, which could point to brighter financial health in the
years to follow as well.
Securing
funds against the value of your home is always something that
should be done with due diligence and a logical mindset. Peaking
real estate trends (or market speculation) are not viable
factors for determining the actual value of your home (and
equity), as well as forecasting those values into the future
- especially in Newfoundland.
Currently,
the average senior in Newfoundland can get up to $92,076
(40% of the avg. NL house value) in tax-free cash/income
through a reverse mortgage against existing equity.
A
word of caution...
As
the "baby-boomer" population matures into retirement
age amidst a trailing recession, there are bound to be some
desparate people looking for relief. This creates an environment
ripe for scam-artists.
Newfoundland
seniors should be aware that though there are many legitimate
retirement strategies (such as CHIP™, which is also registered
bank in Canada), unfortunately there are also scams and unscrupulous
tactics that are harmful in the long-run. We suggest consulting
the NL
Securities Commission to research a company or program
before betting your retirement on it.
Where
do I go from here?
If
you would simply like more information - or if you'd like
to discuss it further with us directly, please fill out our
quick inquiry request form at the top of the page, and we'd
be delighted to help you and answer any questions you may
have.
In
fact - if you'd like to speak to a reverse mortgage professional
who can provide you with answers and information so as to
assist you in making a decisions that's best for you, why
not call us right now?
It's
toll-free, and we'd be delighted to hear from you!
Call
Right Now:
1-877-686-4246
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