Canadian Maple Leaf Licensing Info: Alberta Mortgage #MW-0511205,
FSCO (Ontario) #10315,
Saskatchewan Mortgage #315872, and all other provinces.
 
Division of

The Mortgage Group®


GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Annuitization


Synonyms:annuitize, capitalization, draw, receive payments, subsidization
Filed Under: annuities, estate-management, financial-banking, investments
Tags: annuity, banking, investment
 

Definition of annuitization

annuitization
1. The process of converting an annuity or retirement plan into income through either periodic income payments or a single lump-sum payment.

Related Terms and Acronyms:

  • annuitant   An individual who owns or is the recipient of an annuity.
  • annuitization options   The different income dispersal options available when annuitizing a retirement plan or annuity, such as the timeframe and list of beneficiaries.
  • annuity   A financial instrument that disperses a number of payments over a set period of time.
  • annuity consideration   The payment(s) made by an individual in order to accumulate value in an annuity.
  • life expectancy method   A method of calculating the appropriate size of payments in an annuity's income phase by estimating the annuitant's life expectancy.
  • private annuity   An arrangement where one party agrees to transfer ownership of an asset to another party (usually a beneficiary) in exchange for lifetime payments.
  • reverse mortgage   A loan that allows an older homeowner to convert built-up equity into cash. The loan comes due when the owner dies, sells the house or moves out.
  • single premium deferred annuity (SPDA)   A deferred annuity funded with a single payment.

Search the Glossary

Mortgage Rates
Ready access to and relationships with a vast array of lenders gives our brokers the unique ability to offer you amazing mortgage rates and flexible products.
Mortgage Rates
 
Mortgage Calculator
The new mortgage calculator was built from the ground up to make it easier for you to find the best mortgage for your unique financial situation. Try it and find out what you can afford to pay on your next home.
Mortgage Calculator Try it
 
Our 5 Year Fixed Rate Term
Starting at
2.99%*

Our five year mortgage term beats the banks' posted rate by a fair margin, so why fight for the best mortgage rates when you don't have to?