New site ReverseMortgageGuide.ca will help Canadians discover how reverse mortgages can help them live more comfortable retirements without forcing unwanted choices, ShangriLoan Ventures reports
Victoria, BC -- (SBWIRE) -- 10/01/2014 -- ShangriLoan Ventures, LTD., announced the launch of ReverseMortgageGuide.ca, a new online resource for Canadians interested in learning about reverse mortgages. The new Internet destination provides a variety of guides and articles that will help visitors learn about the requirements, advantages, and potential drawbacks of this increasingly popular financing vehicle. In addition, visitors to the site can sign up for a free, hard-copy book that explains the option in exhaustive detail.
"With more older Canadians becoming interested in ways of tapping the equity in their homes," ShangriLoan Ventures representative Kam Brar said, "we are excited to launch ReverseMortgageGuide.ca as a way of answering all of the most common questions." A recent McKinsey & Company report titled "Are Canadians Ready For Retirement?" answered that question substantially in the negative. While the study found that a slim majority of Canadians will likely have the financial means to maintain their accustomed lifestyles even after leaving their careers behind, it also established that as many as 40% of the nation's citizens will face significant troubles.
One source of difficulty for retirees has traditionally been the fact that substantial portions of their accrued assets are typically tied up in home equity. That has often led, in the past, to newly retired people selling their homes of many years, an option that can produce much-needed immediate cash but also entails lifestyle changes that many would rather avoid.
ShangriLoan Ventures, LTD., has been a leading force for educating Canadians about another option, the reverse mortgage, and the newly launched site ReverseMortgageGuide.ca is a reflection of this continuing drive. Thanks to a recent loosening of the relevant Canadian laws, many people over the age of 55 can take advantage of tax-free reverse mortgages that allow them to convert up to 40% of the equity in their homes directly into cash. Reverse mortgages do not require any scheduled payments, instead being satisfied through the proceeds of an eventual home sale, an event that borrowers are under no pressure to arrange for until they or their heirs are ready for it. Additionally, interest rates on reverse mortgages tend to track those of other mortgage- and home-equity-related options very closely, making them even more attractive compared to home equity lines of credit and other alternatives.
The money obtained through qualifying reverse mortgages is completely free of restrictions, too, meaning that those who enter into such contracts can do with it as they wish. The new ReverseMortgageGuide.ca site delves into all of these details and more, both in online form and through a Free Guide on Reverse Mortgages in Canada that is available without obligation to all visitors.
It also hosts a variety of other informational resources that can help interested persons decide whether the option is right for them, including a list of Reverse Mortgage Pros & Cons that many in the industry have pointed out as being especially helpful.
About ShangriLoan Ventures, LTD
For over four years, the ShangriLoan Ventures network has used a variety of innovative online properties to connect prospective borrowers with the financial industry professionals who are positioned to help them best.