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Surprise?? Senior Canadian Homeowners Want To Age In Place

It should be no surprise that older homeowners predominantly wish to remain in their homes when they retire. After all, they have worked, for a lifetime in some cases, to own a home and have spent countless hours gardening, painting, renovating and maintaining “their home“.

Older Canadians want to enjoy the fruits of their labour and their home in retirement; the surprise should be that people are surprised to learn that 91% of retired homeowners don’t want to sell or move.

Click Here to Go to CBC Article

Rob Carrick of The Globe and Mail Writes on Reverse Mortgages

The times are changing, seniors are living longer healthier lives and homes have experienced steadily increasing values over the past four decades with a few short periods of correction. Not many homeowners who are still in the housing market after 20, 30 or 40 years would argue that their homes are worth significantly more today than when they purchased them so long ago. Homes have been and still are the largest investment for most Canadians, and more and more senior homeowners are realizing that they can either sell their home and live off the proceeds or stay in their homes and live off the equity with today’s great reverse mortgage options available to them.

Click Here to read Rob Carrick’s article in The Globe and Mail: Time to get over our squeamishness about reverse mortgages

Life Expectancy & Preparing Your Home

With life expectancy in Canada hovering around 82 years of age (variations for gender apply) and approximately half of all Canadians expected to reach 92 years of age; preparation is important and the planning may need to come sooner that originally thought and not just in the financial sense. StatsCan reports that the number of years that Canadians can expect to live in full health is age 69 for men and 71 for women on average and this is important know so preparations can be made to improve homes for the coming changes. Most retired Canadians want to remain in their home indefinitely and yet are failing to update the home in preparation for changes in health and mobility.

Simple things like bathroom improvements, walk-in Jacuzzi bath tubs, grab bars and access ramps can make all the difference in the world down the road to living a comfortable and independent lifestyle. Activating the home equity to make these types of improvements can make a lot of financial sense.

HomEquity Bank Helps Seniors Create Tax Efficient Cash Flow
DigitalJournal.com

HomEquity Bank, announced the launch of its newest and most innovative product offering for senior homeowners, HomEquity Bank Income Advantage.

With the Income Advantage, senior homeowners can access equity in their home through 2 separate accounts. The first account is set up for monthly advances and carries a low interest rate of Prime + 1.25%; the second account is set up for lump sum advances and carries a competitive 5 year rate. “This product was developed based on customer feedback and customer need for flexibility” said Steve Ranson, President & CEO, HomEquity Bank. Customers can start with initial advances as low as $500 per month and increase them over time. ……..Read more.

How singletons can plan for financial security in old age
VancouverSun.com

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
TorontoStar.com

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.

Reverse mortgages offer senior house owners an option to avoid cash poverty
VancouverSun.com

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.

Reverse mortgages an income lifeline for some seniors
Canada.com

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.

Aging ‘Sandwich Generation’ caught in economic vice
CTV.ca

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
National Post

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.

Using Home Equity for a Reverse Mortgage is an Option When Pension Income Isn’t Enough
The Vancouver Sun

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
HomeEquity Bank

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.

Elderly Woman in a Dire Straits Gets Needed Cash
Home Plus

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
HomeEquity Bank

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.

Canadian Seniors Take Advantage of Low Cost Home Equity Borrowing Solution
HomeEquity Bank

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
HomeEquity Bank

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.

Nearly 40% of Wealth Tied Up in Real Estate ‘Homemade Savings’ the New RRSPS
Financial Post

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 want relevant, personalized advice: Survey High net worth clients have higher expectations around advisor communications
InvestmentExecutive.com

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
TheStar.com

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.

Questions?

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