Retirement is a personal milestone for working individuals. It’s a phase of withdrawal from your vocation and a transition from an active lifestyle to a life that is free from responsibilities. Yet, for you to enjoy your sunset years, you must consider having a stress-free environment and a place to relax.
Most people reside in rental houses for the convenience of being near their workplaces. You may not want to spend the rest of your life living somewhere bustling with people.
That’s why it’s advisable to start saving up as you start working, so that you can live the life you have always imagined. Owning a home of your choice as you retire is a relief – most especially knowing how your years of hard work has paid off.
Buying a home in the “New Era”
As we live in this new era or the so-called Information Age, it’s relatively easier for people to disseminate and acquire information, especially when it comes to buying and selling – in this case, owning a retirement home.
With a click of a mouse or a tap of a finger, you can instantly make arrangements and even make contact with a mortgage broker. Another advantage of today’s innovation is that you can get help in selecting the home of your dreams, even in the comfort of your home. This technological advancement has made our lives extremely convenient, as we go through our day-to-day living.
Considerations when buying a home in retirement
Most retirees are intimidated with the thought of incurring additional debt this late in their lives. There are some things to take into consideration when it comes to buying a home for retirement. This does not only pertain to financial needs, but also includes other key factors that may affect your way of living, most especially when you’re already settling towards retirement.
How’s your health?
Your health must be your first priority. It’s essential to consider living in a place close to healthcare facilities for easier access, in cases of emergency. Although living in rural areas has its perks, it poses a serious problem when it comes to situations that are in need of urgent medical assistance.
Other than the proximity of hospitals, the different levels of healthcare in various cities of Canada are essential. This includes variation of how patients are treated and prioritized.
One of the ways to ensure your well-being as you choose a place to settle in, is to gather information from residents regarding the accessibility of healthcare facilities. In this way, you have a better idea of the services provided and which of them actually suit your current and future medical needs.
Accessibility and Location Are Key
In choosing a location for your settlement, you have to wisely consider being in an accessible location that can provide for your primary needs. Having a grocery store, pharmacy and other relevant amenities nearby will spare you the trouble of having to travel from one place to another. You should also be aware of the environment and the surroundings of your neighbourhood.
Location is not merely based on your preference, but a product of careful analysis of factors and qualities that’ll define your way of living. A desirable house doesn’t only depend on its physical attractiveness, but on the key factors associated with the environment.
Can I qualify for a Reverse Mortgage?
Now, this is something you really have to consider.
If you weren’t able to save up as you approached the age of retirement, there’s another way for you to afford a retirement home: by applying for a reverse mortgage. This is a type of home loan designed for Canadian homeowners aged 55 and above.
Unlike a conventional mortgage loan, it allows homeowners to borrow money using their home as collateral. However, it does not demand any principal or interest payment, as you maintain the ownership of the property until you leave the house.
There are qualifications you must meet, for you to be eligible for a reverse mortgage. You must be a Canadian homeowner, aged 55 or older. The location, type, and condition of your home are also assessed, along with its appraised value and your home equity.
A reverse mortgage can be repaid only when the property is sold or if the owner has passed away. Applying for a reverse mortgage is beneficial because it allows you to free up your finances, use whatever money you have previously allotted for home buying and other expenses such as medical bills or expenses related to travel and leisure.
Enjoy retirement the right way: In the comfort of your dream home
Retirement is the time to make it up to yourself, for the many years of dedication to your career and all the hard work that’s finally paid off. You can do this by securing your future. Having a place of your own to spend your sunset years with fewer worries and responsibilities will serve as a sweet and priceless reward after investing most of your life into your occupation.
Seeking help from the professional services offered by our mortgage broker will ease your preparation as you search for a place to settle in. It’ll spare you the time of committing hours of looking for a mortgage that will suit your unique preferences; time that may have been better utilized on yourself and with your loved ones.
We here at Daisy Raouph specialize in mortgage financing solutions, such as reverse mortgages, refinancing debts and other solutions to home buying and property investing.