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Retirement Mortgage Services

Mortgages for Retirees

Frequently ASKED Questions, Answers provided by our seniors mortgage lending pro's 

Retiring with a Mortgage in Canada? Carrying a Mortgage into Retirement in Canada? - Its not as bad as some financial planners make it out to be!

It's not as bad as you might think. With the cost of housing escalating out of affordability it might be cheaper to retire with a mortgage than renting a place to live. 

While some financial experts recommend against retiring with any form of debts. Others suggest using a business case method to calculate the cost benefits of retiring with a mortgage.

Take the following example. Jane is 65 recently retired and has an income of $48,932.00 per year. Her home is worth $713,000 and she has no mortgage. Jane wants to travel the world while she is still healthy and needs about $20,000 per year for the 5 or 6 years.  She easily qualified for a mortgage of $212,436 with a monthly payment of Principle and interest of $1280. Plus she still has an appreciating asset.

Certainly if you need access to the equity in your home a $150,000 to $250,000 mortgage repayment of principle and interest will carry for less than the cost of renting a 1 bedroom condo in downtown Toronto or Vancouver.  If you have the income and can qualify why not take out a mortgage then stay in your own home.  If you have income of $40,000 or higher you would qualify for a $150,000 mortgage loan with a monthly payment of $1000 much cheaper than renting else where. Plus you still own an appreciating asset.

The alternative is sell your home then rent somewhere for $1400 to $2400 monthly payments for the rest of your life. With no appreciating asset. 

The third alternative is to consider a Canadian Reverse Mortgage that pays you $1400 to $2400 dollarstax free monthly, allows you to stay in your own home, still appreciating in value...

 

FAQ's for Retirement Mortgage Services

Can a retired person get a mortgage in Canada?

YES you have to qualify using the same lending guidelines as working folks

Can a retired person qualify for a Mortgage?

YES  you can qualify for a Mortgage as long as you have the pension income to support the loan repayments or interest.

Can you get a Mortgage at 65?

YES  financial institutions are not supposed to discriminate based on age

Can you get a Mortgage in your 60's?

YES  as long as you have the necessary cash flow and debt levels you can qualify for a standard mortgage

Can seniors get a Mortgage?

YES as long as you meet the same requirements as all other mortgage borrowers

Can you get a Mortgage on a pension?

YES Absolutely

Is there an age Limit for getting a mortgage?

NO lenders are not allowed to discriminate on age

Can you get a 30 year mortgage when you are 60?

YES Some lenders may not offer a 30 year mortgage

What is a seniors Mortgage loan?

A seniors Mortgage Loan is the same loan offered to all Canadians. Unless its a reverse mortgage then you need to be over 55 and have equity in your home

Mortgages for Senior Citizens in Canada?

YES should be fairly straight forward if your live in a major urban area

Mortgage Financing Canada?

YES available to all who qualify

Mortgages for over 65 year olds in Canada

YES  should be available to all who qualify

Mortgages for Retirees?

YES should be available to all who qualify

Retired Mortgage Qualification?

YES you should probably have a pension income somewhere in the range of $30,000 to $40,000 per year to qualify. Otherwise you would need to apply for a reverse mortgage.

 

 

 

 


 

 

 

 

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