Caleb and Riley discuss home equity – often referred to as your ‘retirement backup plan’. Home equity can be used like a parachute and keep your retirement from crashing into the ground. Many people don’t consider their home an investment that can be used for retirement cash flow, they may even view it as as financial suicide. But if it is used correctly, home equity can add to the robustness of your retirement.
Learn more about:
- The three different ways you can tap into your home equity
- Why you shouldn’t feel guilty about using home equity
- How home equity as an asset that can be used while your living, and while living in your home and doesn’t necessarily have to be an inheritance
Memorable Quotes:
- “Reverse mortgage debt hit a new record , this year (2022) in February of 5.4 billion (up 18% since the year before).“
- “If your in a position where you require more funds to cover your expenses and you are looking to use the equity in your home, you shouldn’t go straight to one product thinking it’s the answer. You have options to consider.”
Resources:
- Canadian Senior Homeowners Borrowed $5.4 Billion In Reserve Mortgage Debt
- Canada.ca on Reverse Mortgages
- House rich: How to access the equity in your home
Hosted by Caleb Miller and Riley Anderson of InvestorDNA
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