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I’ll say it again. You’ll never see a U-Haul following a hearse!

You will never see a U-Haul following a hearseThat’s right, I’ve said this before, and will say it again.

Our lifecycle goes something like this… Go to school. Find a job (and work hard for 40 years). Fall in love. Get married. Save money. Buy a house. Start a family. Retire on enough pension or savings. Enjoy the results of your hard work. Live in your house until death. Leave the house for your kids.

This is how most of us envision a normal lifecycle. But how often does this really happen? How many people really live happily ever after? What’s the big deal about tapping into home equity to fully enjoy life?

Statistics tell us that the average annual income for a senior in Canada is $40,000. In the meantime, the average cost of owning a home plus living expenses is $55,000.

That’s where things become unclear. This is where our plans seem to change. We’re holding strong to the idea that we need to work hard all our lives, pay off our mortgage, then scrimp and cut back on our enjoyment in retirement. Why not tap into/spend the equity in our homes or savings to enjoy our lives after working so hard?

We hang on to the notion that we must pass along our net worth to our children… that we should leave them with enough money so they never have to struggle or so their lives are easier or better than ours.

Does this sound familiar?


With today’s real estate values sitting higher than ever before, we’re leaving our kids a fortune… Yet, we’re struggling to get by and pay our property taxes, heating bills and spend little or nothing on entertainment. What’s wrong with this picture?

SOLUTION: A reverse mortgage can empower us by tapping into that equity and pay us an annual salary to cover any shortfall. Or we can take out a lump sum of money. ALL TAX FREE. And we can still have some equity left over to share with the kids.

Retirement years are supposed to be the best time of our lives. Unfortunately, it often ends up being the most miserable for many of us. But it doesn’t have to be this way!

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis: 416-224-0114;

Steve Garganis View All

As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.

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