ASK A MORTGAGE BROKER : AGING IN PLACE AT RETIREMENT
We are certainly living in different times but some changes may be here to stay ! Many people have discovered the beauty of Cottage Country , Prince Edward County and Northern Ontario . This raises the question , is it still possible to age in a place like this at retirement ? This may still be possible for a person that will receive a company pension along with their government pension . For those with no company pension , what are some of the options ? The ability to continue to make this a reality going forward for Canadians will require planning and some savvy . One change will be that you will need to start this plan much earlier and follow the plan through . It may be best to obtain the home , condo or cottage that you plan to retire to many years earlier . You can stay in your principal residence and rent the home , condo or cottage and use those funds to help pay down the new property faster , if you are now mortgage free on your principal residence . If not , use the cash flow to help accelerate paying off that main residence . Over time your new property will be appreciating in value while the rent ( revenue ) that you are receiving is paying down the balance on the mortgage . All while your primary residence is still appreciating in value . When you sell later , you already own the property that you plan to retire in . This could allow you to sell your home at a strong upward peak in the market without the worry to have to buy in a sellers ’ market . Once you sell your home , you can payout any outstanding balance on the home that you plan to spend your retirement in . This would also allow you to make some renovations or modifications as needed prior to retiring . Any part of this plan can be aided with a fantastic reverse mortgage product to turn this dream into reality . This is just one example on how a reverse mortgage can aid with your retirement plan , and provide solutions to the many questions or concerns that come up with planning to enjoy retirement . - Robert Wallace , www . mortgagemasterdurham . com