REAL ESTATE
Reverse mortgages can help
supplement retirement Income

A REVERSE mortgage is
sili a novel practice. It
allows your home to be used
as collateral for a loan,
which is then put towards
purchasing an annuity that
pays you an effectively tax-

equity built up in the home.

Reverse mor. ages are
sald by a few small com-
panies in focal markets.
Toronto-based Security Life
Insurance Co., part of the
Ce-operator’s Group. just
introduced the Term Home

of the Home Equity Plan
(HEP). It is based on a five-
or 1-year period. At matu-
rity, accrued mortgage prin-
cipal and interest come duc.

A retiree van only borrow
against a principal — resi-
dence, while younger appli-

free monthly income.
The most obvious targets Equity Plan (TERM-HEP) cants can use a broader
for reverse morigages are in Ontario and B.C. This range of property as col-
retirees, especially those 55 plan is also aimed at retirees lateral. Note that Security
and over who don't intend and, to a lesser extent, Life bas first claim over the
to keep their homes for a younger people who are assets.
lifetime and want or need to asset-rich and cash-flow The loan is limited to on-
supplement retirement in- poor. ly 30 per cent of appraised
come by capitalizing on the TERM-HEP is a variation See Reverse page 54 i we é ;
ok ONT ESTATE HOME

— Totally renovated - Rec room
- 4 bcrms, & den - % of an acre

SHARI
BENNETT

926-6011
(24 hrs.)

OPEN HOUSE
SATISUN 12-4

3061 MATHERS AVE., W. VAN.
is Bia
Eman

2407 Marine Drive

West Vancouver 6 MILLION

FOR THE
DISCRIMINATORY
BUYER

4772 MEADFEILD COURT
WEST VANCOUVER, B.C.

INVESTORS
ALERT!!
DOWNTOWN
VANCOUVER HERITAGE §
COMM. BLDG.

. . - Totally renovated 5 yrs.
Adult and entertainment oziented. -” ’ ago

immaculate, warm atmosphere C | ly | te]
with view from many rooms. - Completely lease
- 9% RO.

Workshop area. Guest bedroom @
and bathroom. Large master For information package
bedrom complete with dressing please contact
room and jacuzzi. Career persons DAVE or DUNCAN
and adult should not miss this offer.

$419,000

TRISH WIDDERSHOVEN

Toll free pager 1-979-8346
“FOR SERVICE WITH INTEGRITY”

VANCOUVER ISLAND
PARKSVILLE/QUALICUM BEACH

Spectacular waterfront property — $29G,000, over 1 acre with character ran-
cher. Possible subdivision into 2 (% acre lots.)

Ocean view home on private park. like lot ¢ only five minutes from Parksville city
centre

$149,900
Asking $57,900

IF YOU WOULD LIKE MORE INFORMATION ON THESE OR ANY
OTHER CENTRAL VANCOUVER ISLAND PROPERTIES. PLEASE CALL:

TRISH WIDDERSHOVEN
MP nanaimo realty sess

127 ALBERNI HWY... PARKSVILLE. BC. TELEPHONE 248-4321