Published by HomeEquity Bank
The Pros and Cons of Living to 100.
Everybody wants to live a long and healthy life with time to enjoy their golden years. But while living to 100 years old is a lofty and laudable goal, there may be some unexpected aspects that are worth considering.
Here are some of the good and the bad when it comes to making it to 100.
Pro #1: More time to learn
Learning a new skill is truly one of the great joys in life. And with more time comes more opportunities to pick up skills people often don’t have time for in their younger years. While your first six or so decades might be spent working, raising children, and building a foundation for long-term wealth, you can spend your retirement trying new things. Whether that means learning a new language, starting a new hobby, or volunteering, living to 100 means you can have more time to do what you love.
Con #1: Financial shortfalls
While there are many perks to getting older, and possibly living to 100, people often don’t account for the extra funds needed. Many retirement plans are based on a life expectancy of 85, so it’s important to look ahead at what you’ll need and plan as best you can. Something like a reverse mortgage is a great tool to provide any needed funds for your later years – so you can live your best lifestyle as long as possible.
Pro #2: Seeing family members grow up
While many people plan and expect to raise their children, and even their grandchildren, one of the great joys of becoming a centenarian is the opportunity to meet, raise, and spend time with great grandchildren. A reverse mortgage offers the chance to provide these family members with an early inheritance, fund their education, or even help them break into the real estate market with money for their down payment.
Con #2: Health issues
It’s hard to make plans around your health, but when it comes to living a long, fruitful life, it’s likely that some health-related issues will arise. And while many people have an idea of what they’ll do if they fall ill, and perhaps have health or critical illness insurance, a reverse mortgage is another option that should be considered. With the average cost of nursing care ranging from $2,000-$10,000 per month, a reverse mortgage can provide the cashflow to cover these costs or retrofit your home to allow you to age in place.
Pro #3: New horizons
Whether it’s travelling to a dream destination, or starting a new project close to home, retirement allows many people the time to chase their dreams, but a reverse mortgage can allow you to afford those dreams and tick off your bucket list. Perhaps there is a business you’ve always wanted to start, an organization you’d like to volunteer with, or a dream trip or hobby you want to fund; in any case, heading toward year one hundred means more opportunities to attain your retirement dreams.
Con #3: Aging in place
Did you know 93% of Canadians want to stay in the home they love? To ensure your home stays just as you love it, and to help you maximize the lifestyle you enjoy, unlocking the equity in your home with a reverse mortgage is a great way to continue living your dream life in your dream house well into retirement.
Contact your DLC mortgage broker to find out how the CHIP Reverse Mortgage by HomeEquity Bank can be a viable option to help you live your best retirement!