Vancouver-based • 60+ lender access

Retirement Home Financing in Vancouver

Plan the move to a retirement residence with clear financing options—covering entrance/move-in costs, bridging timelines, and ongoing monthly fees—so the transition is calm and predictable.

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Education-first advice
Generally no broker fee
Licensed BC • ON • AB
Brokerage: Verico Paragon MortgagePal Inc. (#12685)

What “Retirement Home” Financing Can Cover

Entrance / move-in costs: deposits, first-month fees, movers, basic furnishings, and home prep.
Bridge timing: funding the gap between securing a suite and receiving proceeds from a home sale.
Monthly fee buffer: creating predictable cash flow during the first year of the transition.

Ways to Fund the Transition—Compared

Reverse Mortgage

Best when: minimizing required payments matters.

Use for: entrance costs and/or a set buffer for monthly residence fees.

Consider: interest accrues, reducing future equity.

Notes: proceeds aren’t taxable income.

HELOC (Home Equity Line)

Best when: flexible, on-demand access is helpful for staggered expenses.

Use for: bridging small gaps and paying as needed.

Consider: payments required on balances; income & credit matter.

Notes: variable rates; keep a repayment plan.

Refinance

Best when: you can handle payments and prefer a lump sum.

Use for: larger one-time costs and debt consolidation.

Consider: impact on monthly cash flow.

Notes: may complement the sale timeline.

Bridge Strategy

Best when: a home sale is planned and timing is the issue.

Use for: temporary access backed by equity in the property being sold.

Consider: availability and details depend on offers, property, and lender criteria.

Notes: we’ll outline requirements and alternatives.

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How We’ll Structure Your Plan

Conversation: timelines, residence costs, your property details, and cash-flow goals.
Options: side-by-side comparison across 60+ lenders with pros, cons, and alternatives.
Approval & funding: if proceeding, any secured debts on title are paid first; remaining funds are advanced per the program you choose.

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Eligibility at a Glance

Core factors

Age: typically 55+ for reverse-mortgage-based plans.
Home: your primary residence; condition & appraised value matter.
Equity: any mortgage/HELOC on title is paid out first.
Purpose: entrance/move costs, bridging, or monthly fee support.

We’ll clarify

Interest cost vs. future equity and estate plans.
All fees/costs (appraisal, legal, title) before you decide.
Alternatives like HELOC, refinance, waiting, or sale timing changes.
Tax/benefit considerations—confirm with your advisor.

Retirement Home Financing FAQs

Can this cover entrance and moving costs?

Yes—funds can be structured for deposits, initial fees, movers, and basic setup. We can stage disbursements to match your timeline.

What if my home hasn’t sold yet?

We’ll outline bridging approaches and alternatives based on your equity and the details of your sale plan, then compare risks and costs.

Will I have to make monthly payments?

Reverse mortgages have no required monthly payments (interest accrues). HELOCs and refinances require payments—amounts depend on balance and rate.

Do you charge a broker fee?

Generally, no. If an alternative lender is required, any broker fee is disclosed upfront so there are no surprises.

General information only; not legal or tax advice. No promises of approval, rates, timelines, or savings. Most clients pay no broker fee; if an alternative lender is required, fees are disclosed upfront. Licensed in BC (BCFSA Agent #501337), Ontario (FSRA Level 2 Agent), and Alberta. Brokerage: Verico Paragon MortgagePal Inc. (#12685).