Financing


	Financing

Featured Pages

Our Listings

The following is a sample calculation for establishing the feasibility of moving to an assisted living facility. The question everyone asks is, "Am I likely to outlive my equity." It is one of those questions that is real, difficult, and has no good answer. However, for many, the answer is likely "it does not matter, I need the help now, and even if I do outlive my equity I will likely be ready for a nursing home." So yes, this is possible. Use the funds to have a decent quality of life now. Using the scenario below, an 82 year old person with no pension income except for CPP/OAS/GAINS, and a home valued at $130,000 could expect 10 years - to age 92, before the equity runs out. This is certainly worth considering.

Home Equity	130,000	4%	interest
The home equity is put into a savings account earning just 4% interest. You should be able to do better than that. The interest is counted as income. Since principle is being deducted the monthly interest added to the equity decreases over time.
Monthly Income
From Home Equity	1,298	Deducted monthly from savings
Pension	-	No other pension income
CPP/OAS/GAINS	982	This is the rough amount that most single seniors can expect to receive as a minimum income.
Total	2,280
Monthly Expenses
Housing Costs	1,980	Typical one bedroom in an assisted living facility including three meals, housekeeping, linens, personal care.
Living Allowance	300	Assuming no car.
Total	2,280

	10	Number of years left in equity pool

Your circumstance will likely be different than this example. Contact your bank to ask for help in determining the best approach.

Office:
194 Lockhart Drive
St. Catharines, ON
L2T 1W4

JustShelter Real Estate Services Inc.
Real Estate Brokerage

Privacy Statement

Tel: 905-687-6722
Fax: 905-687-7285
contact by email