
Client is 55, single, and behind on retirement savings. A case-study in pre-retirement mortgage planning.
I have a client - let's call him Ted - who recently reached out to me to do some mortgage planning.
Posted by Chris Richards on May 5, 2022 11:16:57 AM
I have a client - let's call him Ted - who recently reached out to me to do some mortgage planning.
Posted by Chris Richards on Jun 12, 2021 12:23:21 PM
As you approach retirement, before relocating or downsizing, or otherwise before losing your regular predictable employment income, you may want to consider (it's smart financial planning in my opinion) to position yourself to retain access to your home equity and be aware of your lending options. Once you lose your regular employment income, your lending options are drastically reduced and your home equity may become trapped forcing you to sell or change your plans if there is an acute need for money. I always say, the best time to apply for credit is when you don't need it! Please enjoy the video (click the image) and the supplementary discussion below.
Posted by Chris Richards on Dec 11, 2020 9:36:18 AM
What do Bob & Kathy of Calgary and John & Betty from Ottawa both have in common? They both happened to contact my office this past week and they both were trying to figure out mortgage options to finance the purchase of a vacant parcel of land somewhere 3 or 4 hours west of their home cities. For now, the plan was to use the place as a weekend and summer getaway and God knows they could use a getaway in this crazy Covid-ridden world! Down the road, each couple will eventually build a retirement home or cottage.
Posted by Chris Richards on Jul 26, 2017 12:37:49 PM
As a senior, is your home equity really the “sacred cow” you have grown up to believe?
Besides falling, the number one fear for many seniors is not having enough money to pay their day-to-day living expenses as they grow older. For those who still own homes, likely 90% of your net worth is the equity in your house while investments, RRSPs and TFSAs will make up the last 1/10th. The fear is real - only 30% of seniors have some sort of pension plan to fall back on, and CPP/OAS pays only about $1200/mo.
Posted by Chris Richards on Jan 26, 2017 2:23:29 PM
I live in a neighborhood built in the early 90s. Last year we replaced the roof at just under $10 grand, and this year we are looking at replacing our 25-year-old furnace at about $5 grand. Thankfully, our windows, kitchen, bathrooms, and basement had already been recently renovated by the previous owner because those are even more expensive undertakings!
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Our Richards Mortgage Group blog is a wealth of information for anyone looking to apply for a mortgage to purchase or refinance a property. Browse through the articles and find the topics that are most useful to you in your home mortgage information search. Find out if You Can Get a Mortgage here.
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