These increasingly flexible mortgages, can be paid down faster, and are enticing an increasing number of Canadians to consider vacation properties as part of their retirement planning process. In the past long drawn out mortgage payment plans made financing a vacation property less desirable for those who wanted to retire without pressing financial obligations.
Now some companies, allow consumers to buy a vacation property with as little as 15 per cent down and take advantage of up to 20 per cent prepayment as well as up to a 20 per cent increase in payments annually.