Mortgage payment or no payment, what is the difference, and which is best for you.

As many Canadians, over the last few decades lived and worked, they earned money to buy their home from the bank. They had monthly mortgage payments, and they went from owning their doorknob and front wall to owning the whole home or anything in between. While over time they purchased more and more pieces of their home, they raised their families. building equity or using the equity to refinance into something new.

Canadians wanted the freedom to live the way they wanted and buy land.

Is that still the case? Does freedom matter to you and how you want to live in retirement?

What are their options now that they are in retirement or over 55.

With runaway credit card debt, compounded by increased cost of living expenses, as well as rising housing prices, and now adding inflation pressure caused in part by government overspending, …

will they have to sell to survive life in retirement?

Do I have to sell? Are there any other options where I can stay?

I don’t know about you, but I want options. The good news is, there are some

options:

· Move out of area, closer to family or cheaper cost of living destinations.

· Downsize from the 4-bedroom home to 2-bedroom, a cottage or condo and right size for you now

· Sell and rent

· Stay in my home

· or not but whatever is the most beneficial for me and my family.

o Now

o And in the future

The key things that really need to be understood around the no-payment mortgage:

· Who’s on title?

· Do you still own your home?

· No Payment or some payment?

· How much of your equity will be eaten up in your right option

· What will happen when I sell this house or move to the next stage?

Now going from owning the whole home or anything in between back to

· everything but the doorknob then everything but the doorknob and the front wall

· incremental percentages borrowed back from the lender responsibly over time.

· While maintaining ownership and living a retirement life with options and choices.

· Safely living in my home and with assistance if needed.

Mortgage payment or no payment there are differences that need to be understood. The options are not as scary as you may think. I can help to lay out a plan that may be your most suitable option. Regardless, you ultimately are able to decide what option is suitable for you and your family's situation.

Call me to arrange.

Melinda Baker                       Mortgage Broker M21000893            Verico The Mortgage Station 11707

Phone: 705-220-1608       melinda@themortgagestation.ca          mortgageweb.ca/melindabaker