As a financial advisor, I often asked clients a simple question: “What do you dream of doing in retirement?”
More often than not, they said travel.
Then I’d ask, “Are you travelling now?”
And the response was usually the same. “Not really. We have a mortgage, bills to pay, and not much left over. But once the house is paid off and we’re retired, that’s when we’ll travel.”
I understood the thinking. Work hard today. Save for tomorrow. Enjoy life later.
But here’s what I’ve learned over the years: Later isn’t guaranteed. And retirement shouldn’t be about putting life on hold.
For many Canadians, two of their biggest retirement dreams are surprisingly simple: stay in the home they love and see more of the world.
But somewhere along the way, we’ve convinced ourselves that we may have to choose.
I’m not so sure we do.
Your Home Could Help Fund Your Dreams
For many older Canadians, their home is their largest financial asset. They’ve spent decades building equity, yet they may have limited cash flow to enjoy the retirement they’ve worked so hard for.
That’s where a reverse mortgage may be worth considering.
For eligible homeowners aged 55 and older, a reverse mortgage lets them access a portion of the equity they’ve built in their home without selling or moving.
You can receive the funds as a lump sum or, depending on the product, through planned advances. Unlike a traditional mortgage, there are generally no required regular payments while the loan remains in good standing.
Imagine staying in the neighbourhood you love, surrounded by familiar faces and memories, while also having the financial flexibility to take that long-awaited trip to Europe, visit family overseas, or explore a destination you’ve dreamed about for decades.
You don’t have to sell the home to start living the dream.
Of course, a reverse mortgage isn’t free money. Interest accumulates, the amount owing grows over time, and it reduces the equity remaining in your home. You must also continue meeting obligations such as property taxes, insurance and home maintenance. Understand the costs and discuss the decision with trusted financial and legal professionals.
But for the right homeowner, it can be another tool in the retirement planning toolbox.
A Lesson From My Parents
My parents were world-class bridge players. They loved competing, travelling to tournaments and spending time together doing something they genuinely enjoyed.
They weren’t necessarily interested in taking the grandest cruise or visiting every destination on the map. They knew what brought them joy, and they spent their money there.
I think about that often.
Retirement isn’t about following someone else’s bucket list. It’s about understanding what matters to you and finding a way to make it happen.
For some, that’s travel. For others, it’s remaining in the family home. And for many, it’s both.
Don’t Just Plan for Retirement. Plan to Live It.
I’m a firm believer in planning, preparing and being willing to pivot.
We spend so much of our working lives building financial security. But financial security should also give us choices.
A reverse mortgage won’t work for everyone. Yet it may allow some Canadians to enjoy the home they’ve worked so hard to own while making memories beyond its front door.
Because the real question isn’t simply how much equity you’ve built.
It’s whether that equity can help you build the life you still want to live.
And wouldn’t it be wonderful if retirement meant coming home from the trip of a lifetime to the home you’ve always loved?