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News You Can Use
How singletons can plan for financial security in old age
Recently, The Vancouver Sun was approached by a reader seeking financial advice for singles who are approaching retirement. While the woman seems to be in a fairly strong financial position - no debt, no dependents, a paid-for townhouse and a sizable registered retirement savings plan, she wonders if it will be enough to maintain her lifestyle. The concern about having enough money is one certified financial planner Michael Thorne says is common to most people he sees who are approaching retirement........Read more.
She uses reverse mortgage to renovate
After 41 years living in the same Thunder Bay house, Sandra Petzel and her husband decided it was time to renovate. They had, however, just purchased a lakefront cottage, so money was tight. To finance the work — they have to replace the wires, windows and the place needs a paint job — they decided to try a relatively unknown financial product, one recommended to Petzel by a friend.......Read more.
With investments showing low or negative returns while property values skyrocket, reverse mortgages are becoming increasingly popular. Reverse mortgages allow people over the age of 55 to withdraw equity from their homes without having to make a monthly payment or show they have income to qualify......Read more.
Kathleen Schooley's story is not an unusual one for seniors. Widowed four years ago, the 76-year-old Osoyoos, B.C. resident found it was a struggle to make ends meet, despite the fact there was no mortgage on the house she lived in.....Read more.
For a growing number of baby boomers, the idea of an early retirement is nothing but a pipe dream. One-in-six Canadian workers are now over the age of 55 and are working longer hours and not planning on retiring anytime soon....Read more.
Helen Morris: Reverse mortgages
The National Post
When we reach retirement the goal for many of us is to have paid off our mortgage, leaving us with full equity in our homes. If you are thinking about extracting some of that equity to give yourself extra income in retirement, financial planners urge you to consider the pros and cons of such a strategy very carefully...Read more.
Seniors Get Help From Their Homes
The Toronto Star
CHIP program enables cash-strapped people over 55 to unlock some of the value of their real estate...Read More.
Help for Seniors
HomeEquity Bank, operator of the Canadian Home Income Plan reverse mortgage, better known as CHIP, has a monopoly today but mortgage experts say it's only a matter of time before competitors move into this highly lucrative and growing market...Read More.
Inge Hahn can hardly contain her relief and excitement. After years of worrying about the rising cost of living and diminishing pension income, the 72-year-old and her 73-year-old husband now have a large chunk of cash to see them through...Read More.
Downsizing Not Always the Answer to a Comfortable Retirement
Olive and Frank had always planned on selling their home and downsizing as part of their financial plan in retirement. As with many things in life, however, timing is everything...Read More.
After I recently helped an elderly woman enjoy her golden years by avoiding the dire situation she was in, I quickly realized that you might not know that there is an option for
you too...Read More.
Benefit From a Reverse Mortgage During Retirement
With the housing market rebounding, many Canadians aged 60 and older are living in homes that are mortgage-free and ready to fetch top dollar. Still, while many aren’t interested in selling just yet, some seniors don’t have sufficient income to do the things they want, despite years of saving...Read More.
Financial experts have long advocated that Canadians start saving early so they can enjoy their retirement in style. But even if your nest egg isn’t as large as you would like it to be, there are still many options to build it up and bask in your golden years...Read More.
Live a Fuller Retirement by Tapping Into Home Equity
There was a time not too long ago when retirement meant easing into a simple and relaxing lifestyle. But today’s hip and healthy seniors are ditching the rocking chair for travel, volunteer work, exciting hobbies and even new careers...Read More.
Who needs to save for retirement when your home is the new RRSP?...Read More.
Home Value Can Provide Retirement Cash Flow
The Calgary Herald
Market downturns and the cost of raising families have left many Canadians strapped for cash in their retirement years. but some may be sitting on an asset that can add gold to their golden years...Read More.
Canadian investors remain extremely reliant on their financial advisors for guidance, and consider the relevancy of the advice the most important factor contributing to the value of that advice, a recent survey suggests...Read More.
Spectre of poverty stalks seniors
No matter how grim the poverty statistics got, there was always one bright spot in the picture. Very few Canadians over the age of 65 were in financial hardship...Read More.
Benefit from a reverse mortgage in Canada during retirement
With the housing market rebounding, many Canadians aged 60 and older are living in homes that are mortgage-free and ready to fetch top dollar. Still, while many aren’t interested in selling just yet, some seniors don’t have sufficient income to do the things they want, despite years of saving....Read More.
Financial experts have long advocated that Canadians start saving early so they can enjoy their retirement in style. But even if your nest egg isn’t as large as you would like it to be, there are still many options to build it up and bask in your golden years.....Read More.
When Liz and Robert retired a couple of years ago, they were confident they could continue to service their mortgage even on their reduced income. Interest rates were low and heading lower, so their variable rate mortgage looked like a great financial decision...Read More.