
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
Last updated November 9, 2022
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.
Posted by Chris Richards on Oct 18, 2018 2:15:05 PM
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.
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.
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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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