Cottage by the lake

As you breathe in that deep breath of fresh air you know you’ve found that idyllic spot where you’ve always dreamed of spending your golden years.
It’s the perfect cedar-shingled cottage right on the lake, where you can relax and enjoy the company of family and friends. Like a growing number of
Canadians in their peak income years, a vacation property has always been part of your retirement plan and now that you’ve found it, only one step
remains financing it.

In the past, financing for a recreational property has been more challenging than for a principal residence, as traditional lending institutions have found second homes to be a less than desirable
investment. With today’s booming recreational property market, however, Canadians longing for a summer, winter or all-season retreat are finding they have other options.

A growing number of Canadians are factoring a vacation property into their retirement planning. While recreational property mortgages are still
relatively new to the market, they can provide Canadians with an easy and affordable way to make that cottage, chalet or retreat a reality.

A recreational property mortgage can help qualified home buyers make that beach sunset or ski chalet possible with as little as 5 per cent down.
Whether a home buyer is purchasing a waterfront home, resort-style condominium or timeshare property, this type of product can provide a mortgage on an owner-occupied second property located in a known
vacation area. To make qualification even easier, this product can also function as a blanket mortgage utilizing a principal residence as additional collateral.

Vacation properties are more than just a financial investment for most Canadians. They quite often become the spot where families come together.
By visiting a Mortgage Intelligence agent, Canadians can get the financing they need to realize their vacation.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.