Many people planning for or living in retirement struggle to find cash. Often, they wrestle with the obvious choices: do they tap into their RSP? Do they take CPP early, or is it best to wait?
But there are other, less traditional sources of income for cash-strapped retirees:
Tap into existing home equity
This is often the largest unused source of retirement income. Many retirees own their homes, most of which have soared in value. Instead of letting the money sit within the house, think about taking out a line of credit or a mortgage against the house at low interest rates. You can use this cash to generate a stream of monthly income.
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