Retirement planning is an exciting process. If you’re dreaming about how you’ll spend your free
time in retirement, then meeting with financial planners can help you ensure your dreams
become a reality. There are several financial strategies to discuss to keep your financial
retirement plan on track. In addition to looking at your savings accounts, investment portfolios,
and debt payments, there are also strategies you can consider to help manage your mortgage.
Let’s look at four different mortgage considerations to think about before you reach your
Paying Down Your Mortgage
As you set your sights on your retirement, it may be wise to focus on paying down your
mortgage, especially if you have some extra income and the amount owing on your mortgage is
still high. The less you owe on your mortgage before you officially retire will mean you have that
much more financial freedom for other pursuits. This could mean if you have monthly payments
that you switch to biweekly payments for now. Or simply add extra payments when you can.
Managing Mortgage Payments
If you’re planning to carry a mortgage into retirement, it’s essential to map out your cash flow
and budget to give yourself peace of mind that you can comfortably cover all your bills. Fixed
payment pensions can make it simpler to plan but harder to stretch your budget. Some
individuals concerned about making mortgage payments will choose to retire later or work part-
time to better support their families and lifestyles.
Have you paid off a significant portion of your mortgage? Then you might qualify for a reverse
mortgage, which could free up additional cash to help support your retirement living or assist
with your other financial goals.
To Downsize or Not To Downsize
One popular option among retirees who live in larger homes or multi-bedroom homes is to
downsize to smaller bungalows or condo living. If you don’t need the extra space, downsizing
can save money in terms of smaller mortgages, lower utility bills, and other savings.
Need Expert Mortgage Advice in Edmonton?
As a professional mortgage broker in Edmonton, I’m here to help you navigate the financial
planning aspect of retirement. Get detailed answers about reverse mortgages, mortgage
payment options, and HELOCs. Contact me to set up your appointment today.