Mortgage Options for Older Canadians

Although it’s ideal to have your mortgage paid off by the time

you retire, that isn’t always possible in today’s economy. The

cost of living is considerably higher than it has ever been, and

as a result, many Canadians are putting off retirement, hoping

to make just a bit more money to add to that nest egg.


So if you find yourself in the position where you’re considering

your mortgage options into retirement, you’ve come to the

right place.


The advantage of working with an independent mortgage

professional instead of a single bank is choice. When you work

with an independent mortgage professional, you won’t be

limited to an individual institution’s products; rather, you will

have access to considerably more options.


Here are some options available to older Canadians as they

plan for mortgage financing through their retirement.


Standard Mortgage Financing


If you’ve got a steady income, decent credit, and equity in your

home, there is no reason you shouldn’t qualify for standard

mortgage financing, which usually comes at the lowest interest

rates and best terms. Some lenders use pension and retirement

income to support your mortgage application even if you’ve

already retired.


Reverse Mortgage Financing


A reverse mortgage allows Canadian homeowners 55 years

and older to borrow money from their homes with no proof of

income, no credit check, and no health questions. A reverse

mortgage is a fabulous mortgage solution that has helped

thousands of older Canadians enhance their lifestyle.


Home Equity Line of Credit (HELOC)


A line of credit secured to the equity you have in your home is

an excellent tool to allow you to access money when you need

it but not pay interest if you don’t need it. Many older

Canadians like the idea of rolling all their expenses and income

into one account.


Private Financing


If you happen to be in a bit of a tight spot, you have a plan but

need a financial solution; private financing might be the

answer. Indeed not the first choice for many because of the

higher interest rates. However, private financing can provide

you with options where a traditional bank can’t.


If you have any questions about securing mortgage financing

for your retirement, please connect anytime. It would be a

pleasure to work with you and walk you through all your options.

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