Down Payments

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Saving up an adequate down payment is among the largest obstacles for first-time homebuyers.

An increasing amount of Canadians are gifting their children money for a down payment on their first home.

One benefit is that an early inheritance avoids probate fees or the estate administration tax.

Gifting income-generating investments can also bring you down to a lower tax bracket.

Advantages of reverse mortgages are

1. Your investments remain intact.
2. You have no regular monthly payments or fees.
3. Your income is not affected.
4. The money you get from a reverse mortgage is tax-free.
5. A reverse mortgage allows you to cash in your home’s equity.