Planning for Retirement? Don’t Forget to Prepare Your Mortgage Strategy
By Leanne Mollica, Mortgage Broker — My Mortgage Strategy (Salmon Arm, BC)
As retirement approaches, most homeowners focus on savings, pensions, and lifestyle planning, but many overlook one crucial piece of their financial picture: their home equity and borrowing options. Whether you have an existing mortgage or your home is completely paid off, preparing your financing strategy before you retire can make a significant difference in your long-term security and flexibility. One of the most effective tools for retirees in Salmon Arm and the Shuswap is a Home Equity Line of Credit, or HELOC. A HELOC allows you to access your home’s equity without selling the property, and setting it up is considerably easier while you are still employed and able to demonstrate steady income. Once retirement begins, qualifying becomes more challenging, and many homeowners discover they can no longer access the funds they need for repairs, medical costs, emergencies, or unexpected expenses.
For homeowners who still have a mortgage, refinancing before retirement can reduce payments, extend amortization for better cash flow, or unlock equity to support lifestyle or family needs. For those who are mortgage-free, a HELOC can provide financial stability without forcing you to liquidate investments at the wrong time or rely on costlier borrowing sources. This option also gives many retirees an alternative to reverse mortgages, which are not always necessary if planning is done early.
Setting up your financing strategy before leaving the workforce ensures that you maintain access to low-cost borrowing options, preserve your independence, and remain flexible as your needs evolve. Homeowners throughout Salmon Arm, the Shuswap, and the Okanagan can benefit from reviewing their mortgage and equity options well in advance of retirement, ensuring a smoother and more secure transition into their next chapter.
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