Mortgage Options for 55+, Trump Tariffs, and Retirement in 2025

What do mortgage options, retirement & tariffs look like for 2025?

As we gather the news that the US is now placing tariffs on  Canada, we all contemplate how this will affect our day-to-day lives. 

If you are retired, or nearing retirement, the fear of living on a limited cash flow can be particularly frightening with threatening inflation. Fortunately, in BC, those retiring today have experienced a strong appreciation of home values.  

While home equity looks fabulous on a balance sheet, it is often very difficult to get access to in retirement. Once incomes have decreased, the bank's desire to lend also decreases.  

Retired homeowners are facing increasing home insurance costs, property taxes, and daily food and gas, as well as health care costs.  Releasing some of the equity in your home may be the answer if you want to remain in your home and not downsize. 

Most of the retirees I speak to are reluctant to inquire and find options. Instead, they squeeze expenses and cut out travel and activities they had desired for retirement. 

There are several great options for those retirees with a small mortgage left in retirement and or debts that wish to increase life style. Remain in your own home and get access to the equity in your home. Having a plan in place does not mean you have to access the funds. You can set up the proper vehicle to access equity and use it when you want, eliminating the worry in the future for you or your partner.

Reach out and discuss what options are available to you. Find out if a mortgage, HELOC product, no-payment mortgage, or reverse mortgage is the best option. Some mortgages also allow partial payments so that you can be in control and set the payment you can afford while still enjoying your life in retirement.  

If you are having difficulties or would simply like to reach out to review your options, I would be happy to chat!