How to use your Locked-In Retirement ... - Smart Home Choice

Posted by admin on Jun 25, 2012 in Smart Home Choice | 0 comments

How to use your Locked-In Retirement Investment Fund for a Rent to Own Home

Thanks to everyone that came out to today?s viewing for our new home located in Courtice. For anyone that came out and is interested in moving forward with this home, please get in contact with us as soon as possible as this home is going to go quick. For anyone that required additional information, Darlene should be getting that out to you soon if you haven?t received it yet.

So for today?s topic, Melissa and her family who is currently looking for their very own Rent to Own home has found out some very interesting information. Melissa explains the procedure on how to unlock your ?Locked-In Retirement Investment Fund to use for?your down payment.
She was kind enough to write out the entire process.

Please have a read as I think you will find this a very interesting topic. This process will help a number of families that are interested in getting into Rent to Own but are faced with the issue of not having a large enough down payment.

The basic procedure would be to first contact their financial advisor who manages their LRIF (Locked-In Retirement Investment Fund) to confirm that it is in fact Locked-In money. The next steps are indicated as follows:

• On the application, complete Page 21 & 22 to include client?s personal info as well as spousal info.

• Indicate on page 21?what the policy number is of the account you wish to request approval for the withdrawal and on page 22 be sure to include the Financial Company you are investing with. Ie: London Life.

• Also make?sure to include a print out copy of your Locked-In account showing the policy number and the balance in the plan.

• Then proceed to page 26 ~ Part D for the application to Withdrawal for First and Last Months Rent and provide details of amount requesting and property requesting for.

• Lastly, complete page 36 with client and spousal signatures as well as page 37 with spousal consent to withdrawal the funds.

Once this is completed, either the financial advisor or the client can mail the attached application to the address listed on page 2. The client will then receive a confirmation letter in the mail along with a Table 3 to complete listing Assets and Liabilities for both client and spouse. As long as they end up in a negative, meaning liabilities out way their assets?they should be good to go. Just fax back the form to the assigned person and you should know within a few days via mail.

If approved, a formal Consent letter stamped by FSCO will be included with their approval, which is what they provide to their financial advisor to make the request to withdrawal the funds.

Any client should be able to get further assistance from their advisor regarding the above if they need it.

If anyone needs a copy of the forms, please let us know and we will send them over to you. To clarify, we are not experts on this subject so please contact your financial advisor who manages your LRIF.

Thanks again Melissa for this great write up and for sharing this information to us and our readers.

Until next time.. Make The Smart Choice.

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