(Early) Retirement

Marci • November 3, 2017

A life of exploration. A life of slowing down and of taking it all in. A life where anything goes and anything is possible. A life of hiking in the mountains, or of driving the coast, or of relaxing on the beach; golf and beautifully elegant meals set in front of you as you and your partner stare out into the setting Caribbean sun. Blue water and white sand; time to relax and reflect. This is the life for which you’ve been waiting. But just how long will you have to wait?

In 2017, the dream of early retirement seems to be just that, a dream, for a growing number of the working population. Increasingly, those entering retirement age have remained in the workforce, staying longer at their current jobs or, in many cases, finding themselves in new positions where they are actually under-employed. According to official statistics, 32 percent of Canadians expect to be working (in some capacity) at age 66, while 22 percent don’t expect to be able to retire, at all.

Very simply, this generation can’t seem to get away from work. And while some of this is preference, for many individuals living in today’s tough economic climate, the reality is, the money just isn’t there. Why the reverse work exodus? Well…

The cost of living has increased. Utilities have gone up; supply and demand has dictated that the cost of many (fresh) food products has gone up. The cost of housing in many major and mid-sized centres has gone up (and as of this writing, continues to climb); and mortgages which used to be paid out over 10 to 15 years are now being paid out over 25 years (or more).

Additionally, millennials (those born [around] 1980 to 2000) are coming home after university in record numbers; saddled with debt and unable to find quality, or even consistent work in their field. This has meant that parents who were once paying for the living cost of two individuals are now paying for more family members, later in life (not to mention the cost incurred by those moms and dads who graciously paid for the education of their children).

These factors (and more) have certainly left us with an interesting, albeit not impossible set of circumstances with which to overcome.

But, what if you could break the cycle? What if you could retire now, and live comfortably? What if you could close your eyes, open them, and find yourself in a place where you have the time to do the things that you want to do? What if your golden years were actually golden?

With the help of a CHIP Reverse Mortgage, the dream of early retirement, of living these years to the fullest, is within reach! So, the question shifts from, “When will I be able to retire?” to, “What will I do with myself after I retire?” This is a good change!

However, this shift should come with a change in outlook. Because, rather than managing, saving, and putting away money, the task becomes managing the most precious of all commodities, that being time. Because of this, the following are a few ways that you can use your time to make a positive impact in your “post-work” life.

Building Relationships

When money (or a lackthereof) isn’t a constant point of stress, you’ll find that you have time to build into those relationships that you’ve “shelved” over your years of working and career building. Make these moments count by connecting and by staying connected with the people whom you love; your partner, your family, and your friends. And don’t, for a moment, think that the time for making new friends is over. Get out there and meet new people. Find individuals with similar interests, and build into them as well!

Passions

A stable bottom line will also afford you the opportunity to follow your passions. These years are perfect for picking up that long neglected hobby, and pursuing those dreams that were put on hold. Keep in mind, It won’t be about doing it perfectly (whatever your “it” is); it’ll be about simply enjoying the experience and everything that comes with it.

Opportunities to Give Back

Finally, as your financial positions gains a measure of health, it will be important to give back (something we should all be doing, no matter our situation in life). Do something that will last. Help others; be kind, and generous with what you have. And remember that a life focused on giving will be more fulfilling than anything that you could buy and keep for yourself.

So if you have questions about the CHIP reverse mortgage or you want to know how you can retire, now, in comfort, let’s talk. I’m a certified reverse mortgage specialist and I would love to hear from you.

Please contact me directly, and let me walk you through the process.

Oh, and happy early retirement!

 

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How to Qualify for a Mortgage After Bankruptcy in Canada

By Marci Deane • September 9, 2026
Financial setbacks happen. Bankruptcies and consumer proposals are more common than most people realize—and they don’t define your future. Going through one doesn’t mean homeownership is off the table forever. It simply means lenders want to see that you’ve taken control, learned from the past, and built a stronger financial foundation moving forward. What lenders look at after a bankruptcy or consumer proposal How long it’s been since your discharge Your discharge date matters. For lenders, this is your reset point. There’s no law that says you must wait a specific amount of time before applying for a mortgage, but the longer your track record after discharge, the stronger your application becomes. What matters most is how responsibly you’ve managed your finances since then. Your credit rebuild Re-establishing credit is critical. After discharge, most people start with a secured credit card and use it consistently and responsibly. To be considered fully re-established, lenders typically want to see: Two active trade lines At least two years of clean payment history Credit limits of around $2,500 on each No late or missed payments Your down payment or equity The more money you can put down—or the more equity you have when refinancing—the lower the risk for the lender. A stronger down payment often opens the door to better terms and more lender options. Your debt service ratios Lenders will also look closely at how much of your income goes toward housing and other debts. The stronger your income relative to your monthly obligations, the easier it is to qualify. Conventional vs. insured mortgage options To access the most competitive mortgage products, lenders typically want to see: At least two years plus one day since discharge Fully re-established credit Minimum down payment requirements met Mortgage insurance in place if your down payment is under 20% (through CMHC, Sagen, or Canada Guaranty) Total debt obligations generally not exceeding 44% of your gross income Alternative lending options Not every situation fits neatly into a bank’s box—and that’s where alternative lending can help. Independent mortgage professionals work with both traditional and alternative lenders, including those who specialize in complex financial situations. These lenders look at the full picture: equity, income stability, and your plan moving forward. While rates and terms may not be as competitive as prime lending, alternative financing can be an effective short-term solution—especially if you need a mortgage before your credit is fully rebuilt. Let’s talk about your next step Whether you’re planning ahead for the best possible mortgage—or need a solution sooner rather than later—there are options available. If you’d like help mapping out a clear path forward, reach out anytime. I’d be happy to review your situation and help you build a plan that gets you back into homeownership with confidence.

Bank of Canada Holds Rate at 2.25% — September 2, 2026

By Marci Deane • September 2, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. While Canada's economic recovery is broadening, a new layer of uncertainty has entered the picture. Here is what happened and what it means for your mortgage.

What Older Canadians Should Know About Mortgage Financing

By Marci Deane • August 26, 2026
Retirement doesn’t always mean a mortgage-free life anymore. And that’s okay. Between higher home prices, rising living costs, and longer life expectancy, many Canadians are choosing to retire with a mortgage or refinance later in life to create more flexibility. The goal isn’t perfection. It’s having options that actually support the life you want to live. If you’re thinking about how a mortgage fits into your retirement years, you’re not alone—and you’re not out of options. Why work with an independent mortgage professional? Because retirement financing is not one-size-fits-all. Unlike a single bank, an independent mortgage professional can look across multiple lenders and solutions to find what truly fits your income, equity, and long-term plans—not just what one institution offers. Mortgage options available in retirement Traditional Mortgage Solutions Many retirees still qualify for standard mortgages. Pension income, investment income, and other retirement sources can often be used to support an application. If you have good equity and solid credit, this is often the lowest-cost option. Reverse Mortgages For homeowners 55+, a reverse mortgage can unlock tax-free equity from your home with no monthly payments required. There’s no income verification or medical questions, making it a helpful option for those who want to improve cash flow while staying in their home. Home Equity Line of Credit (HELOC) A HELOC allows you to access your home equity as needed and only pay interest on what you use. Many retirees appreciate the flexibility and like consolidating income and expenses in one place. Private Financing Sometimes life throws a curveball. If timing, income, or credit create challenges, private financing can act as a short-term bridge. It’s not usually the first choice, but it can provide solutions when traditional lenders can’t. If you’re approaching retirement—or already there—and wondering how your mortgage fits into the picture, let’s talk. A clear plan can make retirement feel a lot more secure and a lot less stressful.