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RRSP to buy home?

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Nirvana65 | 11 Nov 2014, 04:56 PM Agree 0
Has anyone used their RRSP to help fund their first home? I’m wondering if this is a viable option?
  • Scott | 17 Nov 2014, 08:43 AM Agree 0
    Are you talking about using the RRSP Homebuyer's option? My understanding is this is only available for a personal residence, not an investment property.

    With regards to using an RRSP for investment property, look at the book, "The RRSP Secret" by Greg Hasbitt (I might have the last name misspelled).

    Best of luck!
  • Jill | 17 Nov 2014, 08:57 PM Agree 0
    There is another way to use your RRSP to invest in Real Estate. Most banks do not advertise this because they make very little on the deal but it allows you to use your RRSP and save HHHUUUUGGGGEEE on your mortgage interest.

  • Evelina Developments | 18 Nov 2014, 01:11 PM Agree 0
    Yes, you can use your RRSP's towards your down payment on your first home. Those funds need to be paid back within 15 years.

    As an investor, you are able to lend out your self directed RRSP's to mortgage other people's real estate investments. General time frame is usually up to two years to get a return anywhere between 6-14% per year on your funds!
  • Nirvana65 | 19 Nov 2014, 03:50 PM Agree 0
    Thank Jill! I’m wondering if there’s more information you can give me about this option? Saving on your mortgage interest payments seems like a big positive. Thanks Evelina Dev. for the advice! You all have been helpful.
  • Jill | 31 Dec 2014, 12:26 PM Agree 0
    Nirvanan65, please go to my website and email me about the Self Directed RRSP.
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