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.

Last updated November 9, 2022

Essential Mortgage Planning Tips BEFORE you Retire/Quit Your Regular Job

As you approach retirement, before relocating or downsizing, or otherwise before losing your regular predictable employment income, you may want to consider to position yourself to retain access to your home equity and be aware of your future lending options - it's smart retirement planning in my opinion. 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.

Death of a loved one brings about many changes not to mention strong emotions. Often the kids are thrust into uncharted territory when a potential property inheritance or residual debt is involved. Whether a cottage on the lake, farm land, or a house in the city, this article is about how to best view the budding situation, dissect the issues, and how mortgage financing can potentially help out. It can apply where there is one party to many.

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 1/10^th.  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.