Does your home seem too large now that the kids have all moved?
Looking to move closer to the children, or grandchildren?
Want to scale down and move to a downtown condominium?
Want a dream lifestyle in a custom designed retirement community?
Want to buy a compact, inexpensive home that's easy to upkeep?
The purchase of your family home was one of the best investments you ever made. Now that you're an asset-rich homeowner, retirement is a chance to live where, and how, you've always dreamed of living. For the 50 plus crowd, your retirement home choice is limited only by your imagination.
Now that the kids have moved out, perhaps maintaining your big home is more of a burden than a pleasure. Now is the time to scale down and move to a more compact, less expensive home that is easier to upkeep and enjoy. You could even move closer to the children and grandchildren facilitating those enjoyable exchange visits more often.
Why not move straight to a retirement community. Across the country, custom designed retirement communities that are villages-within-villages are springing up, offering safe, affordable, age-friendly lifestyles in both rural and urban environments.
You might consider purchasing a modest home near a luxury resort or an 18-hole golf course. Or, you could move out of the suburbs and into a downtown condominium with easy access public transit, restaurants and theatres.
Maybe you don't want to move? Would like to have some extra cash on hand for upgrading your existing home with all the amenities the seniority deserves?
Consider a reverse mortgage. One of the big attractions to older Canadians is that the loan against the house isn't payable until the owners die or sell the home. Under the terms of a reverse mortgage, a lending institution will provide you with a monthly annuity for the rest of your life, in return for a gradually increasing share in the equity of your home. Arrangements are generally made so that should one spouse die, the other can remain in the house and continue to receive the monthly annuity. The income is not taxable, but when the second spouse passes away, the mortgage becomes due and must be paid back before any remaining equity in the house can be passed on to beneficiaries. It's important to note that age should factor into your decision. The younger you are, the longer - and therefore smaller - your lifetime annuity will be. And the longer you live, the more equity in the house the lending institution will retain. For retirees with no heirs or beneficiaries, an estate that diminishes to zero per cent may be an acceptable option. Talk to RE/MAX West about mortgage options, we'll be pleased to get you the best deal available.
Whether you're retiring to your vacation home or making a major move to a Canadian "hot spot", talk to RE/MAX West. We can assist you with valuable information on buying and selling property to help you make the best choice for a quality of life that endures for many years of rewarding retirement.