Here's
What Nova Scotia Seniors Should Know
About Utilizing a Reverse Mortgage...
Real
Estate in Nova Scotia at a Glance:
Overall,
the province saw a slight decline in housing prices from 2009
to 2010, although house prices slightly increased in Halifax.
The housing market doesn't tell the full-story though, as
the economy in NS has strengthened in the past 2 years due
to non-residential investment.
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 NS and the Major Cities:
|
Location
|
AVH*
2009
|
AVH
2010
|
|
NS
(province-wide)
|
$193,236
|
$191,388
|
|
Halifax
|
$234,150
|
$240,092
|
*
AVH = Average House Value
What's
the Outlook for Nova Scotia Seniors?
The
long-term outlook, much like Newfoundland, is challenging
to define for NS. There are a number of positives, but there
are also some negative factors as well.
Positive
factors include: Estimated 1.6% economic growth in 2010, followed
by a predicted 1.5% growth in 2011, increased consumer spending,
current influx of investment capital.
Negative
factors include: Fading investment interest is anticipated
in mid 2011, the strengthening dollar will impact the manufacturing
sector.
The
bottom-line when you're drawing cash out against equity is
not only consider what it's "worth" today, but also
in the future. We recommend consulting professional advice
regarding financial planning, wealth management and real estate
strategy.
Currently,
the average senior in Nova Scotia can get up to $76,555
(40% of the avg. NS 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.
Nova
Scotia 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 NS
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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