Reverse Mortgages in Prince Edward Island

Resources for PEI Seniors Considering a Reverse Mortgage...

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Here's What PEI Seniors Should Know
About Utilizing a Reverse Mortgage...

Real Estate in PEI at a Glance:

Much like New Brunswick, PEI is poised for continued overall pricing growth in the housing market, boostered as a result of a growing economy (1.8% growth in 2010), as well as provincial infrastructure stimulus projects.

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 PEI and the Major Cities:

* AVH = Average House Value

What's the Outlook for PEI Seniors?

PEI's long-term outlook seems to be positive. Currently, the economy is showing steady, slow growth as consumer confidence increases and employment rates continue to strengthen.

The province seemed to weather the storm of the recession with resilience - although Charlottetown's average home price index did slightly decline from 2009 to 2010.

Seniors need to carefully assess what the true, "future average" value of their home, and subsequently their equity, will be within whatever time-frame is relevant to their equity liquidation strategy. They should also keep in mind that housing prices are peaked currently due to low interest rates, which are gradually rising along with economic growth - so the more conservative approach would be to consider the current value as a good benchmark for a multi-year prediction.

The best plan of action is to consult a financial professional and/or otherwise certified wealth-planning advisors.

Currently, the average senior in PEI can get up to $58,614 (40% of the avg. PEI 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.

PEI 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 PEI 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

Learn More About Reverse Mortgages in Canada...

• How a Reverse Mortgage Works	• Pros & Cons	• Frequent Questions
• Do You Qualify?	• Ask an Expert	• How to Apply >>

• More Articles on Canadian Reverse Mortgages

Reverse Mortgage Resources by Province:

• Alberta	• British Columbia	• Manitoba
• New Brunswick	• Newfoundland	• Nova Scotia
• Ontario	• Prince Edward Island	• Quebec
• Saskatchewan	• CHIP Office Locations	• How to Apply >>