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This millennial couple makes $130,000 combined. With a baby on the way, a mortgage and car debt, how can they prepare?
– thestar.com
Matt and Elicia’s monthly take-home pay is $6,100. While that may be enough for a couple, they know that they’ll have to prepare to save more for child-care costs soon.“Which reverse mortgage is right for me?”
– moneysense.ca
The couple, who are in their early 80s and mortgage-free, have lived in the large upscale Kitsilano condo for the past 20 years and were not anticipating a financial obligation of this magnitude during retirement. So the results of an assessment from their Strata Council, which requires them and other unit owners to find six-figure sums in short order, came as a shock. While they have about a half-million dollars in investments they could use to cover the improvement costs, liquidating those assets would come with a serious tax hit. And their income isn’t high enough to qualify for a home equity line of credit (HELOC) or mortgage refinance.
Making matters worse, Rob’s health has been failing, which puts moving out of the question…
