Pension income is still considered income by the banks. There should be no problem getting a mortgage with your home paid off. Car loans from the bank have a higher interest rate than mortgages so its not a bad idea. Please contact us if you would like to talk to a Mortgage Agent. Abraham Niyazi - Mortgage Agent - Easyrate.ca 416-993-4082

Hello Billie, the answer is yes, pension income is considered by the lenders as a valid form of income. When co-signing remember not only your income but also your debts are used in the qualifying calculations. If you have your own mortgage with monthly payments and additional debts, they will be taken into consideration. Canadian Pension income, work pension income, money from investments, workers compensation for long term disability, even welfare are all valid forms of income. I hope this answers your question Billie. If anybody has any mortgage related questions please do not hesitate to contact me at any time! Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/lenders and can do mortgages across Canada except Quebec.

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My mum and dad are going to retire in 5 five years and the superannuation is not enough to have a good pension so is it a good idea to take reverse mortgage on our family home hence they can live there retirement years to the full

Your parents are still young. They could easily out live their equity and end up loosing their home. If they had retired 10 years ago this would be an OK idea, but considering their age this could be a disaster.

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I owe $70,000 on my mortgage. if i pay off my mortgage off with my ira, i will save $9600.00 a year in mortgage payments and will be able to retire at 65, with my house paid and a good pension. if i choose not to pay off my mortgage with my ira, i will have to work full time until i`m 75.

Yes, under those circumstances, it would make sense to use the IRA money to get rid of the mortgage. You'd be able to retire earlier and also reduce your financial risks (since you can't default if you don't have a mortgage). Make sure you have enough in the IRA to cover both the mortgage and the federal and state income taxes due on the withdrawal.

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I have 10 1/2 years left on a 15. single, retired and no dependents.pension(60,000) does it make sense to refinance?

Interest rates dropped to around 6.10% for a 30 year loan. What is your interest rate. Will you save money by refinancing? Your mortgage does not account for much of a deduction. You may want to stay the course.

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I'm 63 and retired. can i get a mortgage? i've got about £80,000 deposit and a good monthly pension. i am also looking to get back into paid employment. what mortgage lenders can you recommend?

Yes, you can get a mortgage, subject to credit scoring. You have a steady income stream and good deposit so you just need to be careful of affordability issues. Halifax are very good in this area and they also have a Retirement Home Plan for these purposes. Disclaimer: The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.uk

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My dear second hubby is due to retire in 18 months time and it scares the pants off of me how we are going to manage. i'm sure there are those that have good sound practical advice on how to cope with heating bills etc. i only have my state pension to manage on which is adequate at the moment. we were unable to save anything as i had to retire due to ill haelth and we also put both my husband's children from his first marriage through university and college and left us a it skint. not that we begrudged it don't get me wrong and we have always tried to help all our five children and grandchildren. but the time has come to tightened the belts. any practical advice would be much appreciated...thank you. we had thought of seeling up and looking for samller house but what with houseprices as they are we are now in a catch twenty two.we could always rent but then it bites into the capital after the sale and so no inheritance for the kids.

Seriously, you've put your kids through Uni. Screw their inheritance. No child should be comfortable with their parents living in poverty to give them an inheritance. SPEND IT ALL NOW! Do you really think your kids would rather some money and their parent's misery, instead of happy, healthy parents now? No amount of money will bring you back. They know that. So spend your money on yourselves. Don't sell the house. You can still pay it off. Get a renter and rent out a room to them in your house. This would be ideal for a first year Uni student who was a bit nervous and studious, and not really into 'uni' life. This would make you some extra income. I am paying my mortgage off in 5 years. These are the things I do to keep my expenses down. My partner and I are both on minimum wage. We buy everything in bulk that we can. Bulk washing powder, toilet paper, tampons, tinned food, oil for the car... anything that will keep, we buy in bulk. This saves us lots of money. We live near some factory sales outlets, so we do a lot of our shopping there, and only get basics in generic brands at the supermarket. We grow our own vegetables in the backyard, using the shower water to water them. Even a pot of silverbeet on the porch would be better than nothing. Most of all, the vegies you grow yourself are fresh. My parents are retired and they grow all their own vegies. Their backyard looks like a market garden. They have to have an extra freezer just to freeze stuff. If you have a later model car, sell it and buy an older, secondhand model. This will save you money that you can tip into the mortgage. You need to keep your costs down as low as possible. If you have broadband internet, consider changing to dial up. Get the cheapest phone deal you can. Consider going through your house and selling things you don't need or use. Old furniture, sporting equipment, appliances, and other things you don't need might bring in some cash you can put on the home loan. I would consider paying the loan off as much as possible, then refinancing, so that your payments are as low as you can get them. If you possibly can, pay the homeloan off. That way, you can later on get a 'reverse mortgage' where a bank buys a percentage of your property, pays you out for it, and you get to live in the property until you die. Sounds like your children owe you big time already. You don't need to leave them anything. Does he have to retire? Is it really the most practical option? Could he work part time in his current job, or get a different job, so that you have some extra income? My father is 70 and still works part time. It keeps him occupied. I wouldn't sell the house. Then you'd have to pay rent, and you'd be even worse off. Best wishes

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Is there more to life than (chronologically) from adulthood onwards: 1. get a good degree 2. get a good job after the degree 3. work from 9-5 until retirement (holiday abroad in that period of time - get married before 30, have children, get a mortgage etc) 4. retire on a good pension 5. holiday somemore 6. die peacefully with a good casket ? some may say, help others in poverty-stricken countries, save the world etc...but is it right to do these only to satisfy our conscience (which by the way, is never enough unless we are all bill gates/oprah winfrey)?

Contentment in life is the best thing that you can get from all these life struggles. So be content and be happy!

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My husband is retired and gets a very good pension, along with social security, he also has a part-time job. our only expenses are our mortgage which is very little and two car payments, along with electric and stuff everyone else has. our taxes are next to nothing because of where we live. i make $1,000 a month at my part-time job. my husband takes at least 750-800 of it every month. i don't feel this is fair. we don't have children in the home and he promised to put aside some of his pension for me should he die - he didn't do it. i have no savings and he has all the money. i have asked him several times where is all the money he shows me the bills but it still doesn't seem to add up? if he spends $200, i end up spending another 6 or 7 to get things fixed around the house correctly. he doesn't even know what to buy me for my birthday. we have been married 7 years. divorces in my state cost 7 or 8,000 which i obviously don't have. i would divorce him but he is my 4th husband and i put a lot of money into my house and i won't just walk away with nothing. what would you do?

From what you wrote, he sounds greedy. Tell him it is unacceptable to you to not have anything to rely on even after working and building a life together and that you need some financial security. If you don't trust him, get your paycheck deposited into another bank account to which he has no access. Then, sit down with the bills, add up what goes out, and ask him for money for his half of the bills. After he gives you his half, deposit that check into your account and pay all the bills out of your account. When something needs to be fixed, then discuss it, get estimates and make a joint decision about how to handle the problem. Get half the money from him, deposit his check into your account, then pay for the whole expense out of your account. Don't give him control over the money you earn if he cannot be trusted. If he does not put you on his pension, he needs to tell you why. Take him to wherever he needs to go to make that happen. I would not divorce him if the only issue is how money is handled. That can be worked out, even if there are some bumps along the road to progress. Hang in there! :)

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I don't really like las vegas, but might have to move there. i am retired, widower, 70s. now i live in a suburb of dc. it is expensive and my mortgage, taxes, insurance will soon drive me out anyway. people who live near me work like slaves (just like i sort of did) and raise kids (like we did). now, i am nearly broke due to bad financial decisions and over the top over-spending. i guess that i will be able to live modestly from now on since my pension covers my mortgage and my savings pay for basic necessities. back to las vegas. i am looking for something that costs no more than $200,000 or i will have to get too much of a mortgage. i'll do it, if necessary, but want to cut all my expenses. can i find a nice, one story single family home that has a garage, two br, two baths and maybe a yard with a pool? also, privacy and really quiet and safe. am i asking too much? right now, if i could, i would just lock up this house, get in my suv and drive around the country for a year thinking this over, but i have done enough of that stuff and still do not know what to do in my so-called retirement. yes, i am really down tonight, so your help is more appreciated than ever. thanks.

O.K. my friend, I'll give you some tips and references but, then your on your own. I retired from Vegas after 47 years as a carpenter. I want to keep my ident. to myself, number one. Look at "Award" Realty on the West side, one of the top Realty sales and ask for John Warner, one of the top men of the field. That's all I can tell you, call him first if your nervous about it. He is the best. Lots of forclosed homes but, your taking a chance also, stay out of the "associations" they can be murder. Stay out of the "Gated communities" and don't sign anything with a "lock" on the price of the property for any amount of time. Look on the West side, the Northwest side. At your age, you can still work, he'll be able to give you some leads on this if you like. Good luck, say "hi" to him for me, he'll know who!

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I’m a retired 60 year old man that has a good pension and a wife that also is going to retire in 4 years with a good pension and 401k. i have 80,000 in my 401k. we have a home mortgage of 65,000 and i want to pay off our house with what i have in my 401k. i am very worried about the way are economy is going and think i would be better off to have my home paid for before we have a stock market crash or something. we want to stay in are home till the end of our days.times are getting very bad. i want a roof over my head. would this be a wise decision or not.

I think people are missing a lot of key points in their answers. 1. You'd have to pay taxes on the $80,000, so there probably would not be any money leftover 2. It is highly likely that the home is no longer a "tax shelter". It is likely that you get very little benefit from your interest burden of your mortgage and property tax deductions, maybe a hair over the standard deduction you'd get as a married couple with no home at all. 3. Why invest in a CD, which almost certainly have rates lower than the existing mortgage? Each dollar of the home loan retired is like investing that dollar at the rate of the mortgage . 4. To know if this is really a good idea or not, we'd have to factor in your cash flow. Ultimately, taking your 401K funds and paying down your mortgage could be a wise and prudent move. I might have tried to split the amount between 2007 and 2008, to keep yourself from jumping up into a higher tax bracket if you take it all in one year, but maybe you can pay down a portion of your home this year, and finish it off next year.

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I've come into a bit of money and i've paid off the mortgage with £60k change. i am retired with a modest pension. i'm 57 in good health and this is the last big chunk of money i am ever likely to get. where would you put it? no i'm not lucky... far from it if i'd have had a just abit of luck i would have made my dosh a lot sooner....no i didnt work hard for it either i just used my brains ....frankly i am disappointed as to how few financial whizz kids there are on here

Northern Rock?