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,

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