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Retirement

Finally, retirement! You’ve been preparing for a long time, and now the time has come.  You want to stay active and be in on the action? Good to hear it. Make sure you take the time to plan. How are you going to spend your money? How are you going to maintain your lifestyle?

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Couple à la retraite profitant de la vie sur le bord d'un lac - Refinancement hypothécaire | Multi-Prêts Hypothèques

Prepare for retirement

Your quality of life in retirement will depend largely on how you manage three things: your income, your debts and your property. If you plan well, your chances of enjoying a good retirement will increase. Your Multi-Prêts broker can help you do just that by offering you tailor-made mortgage solutions to get you off to a good start.

Your revenue

With less revenue coming in, you’ll have to adapt your life accordingly. That said, there’s a silver lining in retirement. You can say goodbye to daily commuting, daily restaurant meals, impulsive shopping at nearby boutiques and all those other expenses that empty your wallet.

A golden retirement is in your reach, even if you still have mortgage payments to make. The key is managing your money so that your income always exceeds your expenses.

  • Evaluate all your retirement income sources
  • Make a list of all your fixed expenses
  • Think about creating a cushion for unexpected expenses
  • Estimate how much you will need for leisure expenses and entertainment, to enjoy life
  • Create a balanced budget

Your debts

Don’t make managing your debts in retirement a source of stress. We’ve got some tips for you.
Pay off your mortgage before you retire, or at least get it down as far as possible.

Refinance your mortgage so you can start working on that project you’ve been dreaming about. 

  • Take many trips or take the trip of a lifetime
  • Buy a second home nearby or abroad
  • Get your revovations done and improve your quality of life
  • Adapt your property to your current physical condition
  • Buy a recreational vehicle (sailboat, sports car, etc.)
  • Invest in your children’s or grandchildren’s education

Your property

Upon retirement, your property could become an important source of revenue, to supplement loss of other revenue. This is mostly due to the fact that your property has increased in value over the years, and that capital gain is now available to you. Take advantage!

Upon retirement, your property could become an important source of revenue, to supplement loss of other revenue. This is mostly due to the fact that your property has increased in value over the years, and that capital gain is now available to you. Take advantage!

To maximize the benefit of your increased property value, you can get it evaluated, in order to know its current market value, then, calculate its net value, and refinance your mortage in a way that works for you. 

No longer working and finally having time to breath doesn’t mean you’re going to stop doing anything. Quite the contrary, the time to get to those projects you’ve been dreaming about is now. 

A Multi-Prêts broker can show you many different refinancing scenarios that respond to you specific situation. 

Thanks to your broker, you can take full advantage of your property as a source of revenue so you can be comfortable in your retirement.

Want to refinance your property when you retire?

Here are 5 keys to taking the stress out of this type of commitment and enjoying life while your health is still intact.

A Multi-Prêts broker can propose several refinancing scenarios designed to meet your specific situation and needs. Thanks to him or her, you’ll be able to take full advantage of your property as a source of financing, so you can enjoy a satisfying retirement.

Refinance now

Pay back your mortgage over a longer period of time in order to lower your payments

Think about your mortgage payment as a type of rent

Be open to the idea that your mortgage won’t be paid off in your lifetime

Make your successors aware of your plans to avoid surprises down the road

Be confident that your debt will be taken care by your successors

Move or stay put for your retirement?

There are many reasons to think about this. The important thing is to assess your situation carefully so you can make the best decision.

A Multi-Prêt broker can answer your questions and guide you through the decision-making process.

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Move

  • Never-ending housework and home maintenance
  • The possibility of moving closer to the children
  • Free up some cash to better enjoy life
  • The property value in today’s market
  • The desire to start fresh, and face new challenges
  • Less income coming in
  • The dream of moving to the country
  • The opportunity to finally get everything organized
  • The desire to purge and downsize
  • Necessary renovations can finally get done

Stay

  • The mortgage balance
  • The cost of a new property and the associated fees
  • The stress of moving
  • The risk of regretting your decision

Rent before you buy

If you’re planning to move when you retire, you may be tempted to rent your next home rather than buy. This way, you can ensure that the new place you want to settle down suits your tastes and needs, without making a very long-term commitment.

Whether it’s proximity to amenities, public transit and access to health services, the range of shops, activities and entertainment on offer, or the quality of nature and safety of your new environment, renting will help you make an informed decision.