8d • Retirement
Tips: Mortgages | Bridges | Loans | Helocs when Retired
Remember everyone when you no longer have an income coming in Banks don't look at you the same. They all talk on Youtube brag about income coming in off Income ETFs but what they don't tell you much of that income is not used if want credit. If you want to down size or Bridge a home and one or both you not working you could have lots of assets in the bank no mortgage but you are considered high risk. Sure you can go Option B and go to mortgage broker and get private lenders involved but that could cost you 10s of thousands of dollars. Remember they look at CPP, OAS, Pensions, RRIF income and TFSA income which we make 45.5k a year does not matter to them? No one tells you that before you retire.
You say what ? yup they don't look at you the same when you hit your 60s and you can have 800-830 credit rating and remember my family saying try to get credit not same as people working. They (Banks) don't care but wait what they do care and TD Bank Nova Scotia and others has a dept for retired HIGH VALUE customers that don't want you leaving to Questrade Wealth Simple. Other problem is banks move slow compared to private lender world. Sure at the Bank Level including the every 2nd or 3rd year Bank Manager they constantly move so you can't have a relationship with them. You have to go higher up. $300 fee lot better than 10 of thousands of dollars.
My advice if you have a million dollar home paid off take 65% to 75% equity in a HELOC if your disciplined and beside for fraud you want to have a secured line of credit as it's not like owning a ownership on a vehicle. Just my two scents just spent 2 weeks living this nightmare as do you want to sell your Income Workers or use them as leverage when they pay your lifestyle and are your worker bees. Hope it helps from Gary Mr. Retirement LOL
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Tips: Mortgages | Bridges | Loans | Helocs when Retired
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