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Independent living possible for Canadian seniors with tax credits and reverse mortgages

Loss of independence is the greatest fear for Canadian seniors, according to a recent survey. 90 per cent of respondents to a 2013 poll plan to spend their retirement in their own homes rather than entering a retirement home. Technology and improved social services have made independent living much easier for today’s seniors, and new… read more

A reverse mortgage can help you get your dream cottage

It’s officially summer in Canada. With summer comes a mass exodus from many cities to surrounding cottage country, where you can spend your time with fresh air, water, family and friends. But if you are retiring or close to retiring without that second property, you may feel like the clock has run out on purchasing… read more

Reverse Mortgages make up for lack of retirement savings – and more

Reverse mortgages let seniors pull cash out of their homes with a home equity loan for up to 50 per cent of their home’s value. Reverse mortgages have traditionally been viewed as an option for seniors who weren’t able to save as much as they would have liked for their retirement or who have unexpected… read more

Seniors get reduced RRIF minimums, caregiver support and more in Budget 2015

There are 265,000 Canadians who are over 90 years old. The probability of reaching that age has doubled for women and tripled for men in the last two decades. The raw numbers of people living beyond 90 is expected to rise dramatically in the next few decades. Before Budget 2015, mandatory Registered Retirement Income Fund… read more

How a reverse mortgage can help Canadians retiring with higher debt levels

It’s no secret that many Canadians are heading toward retirement without much money saved up. According to TransUnion’s last credit trends report, the average Canadian’s debt rose 2.3% and in a recent survey of 1,500 Canadians aged 50-plus by the non-profit Investor Education Fund, only 2 in 10 households said they would have more than… read more

We’re living longer: can your retirement plan keep up?

Canadians are failing to factor longer life expectancies into their retirement plans. According to an article written by Investment Executive, at the Annual National Conference for The Canadian Institute of Financial Planners (CIFPs) in June of 2014, Michael Banham, vice president of wealth distribution at Sun Life Global Investments, explained that “the average life expectancy… read more

Five Measures to Take to Prevent Senior Hospital Visits

According to a recent study by Home Instead Inc. of over 400 senior care nurses in North America, 49 per cent of senior hospitalizations are preventable. Here are five specific actions that can be taken to keep medical conditions from worsening and to stay out of the hospital. 1. Follow Your Doctor’s Recommendations Your doctor… read more

1 in 5 Canadians Plan to Tap Home Equity for Retirement

A recent survey by Manulife revealed that one in five Canadians plan to use their home equity to finance their retirement. Ten per cent were considering borrowing against the equity in their home, while eight per cent were considering downsizing. Reverse mortgages are a viable option Opponents of reverse mortgages argue that they are an… read more

Mortgage-Free Canadian Seniors Targets for Title Fraud

Title fraud occurs when a fraudster obtains your personal information, usually through identity theft, and transfers the title on your property to their possession. They then use it to take out loans against your home or fraudulently discharge your mortgage and sell the property to an unsuspecting new buyer for more money. Recently, mortgage-free Canadian… read more

2014 a record year for Canadian reverse mortgages

HomEquity Bank, Canada’s only national lender of reverse mortgages, had a record year in 2014, with new business growing by 23 per cent year-over-year. HomEquity Bank administers the CHIP Home Income Plan, which Horizon Equity offers its clients. The Canadian growth of reverse mortgages is expected to continue. Steven Ranson, president and CEO of HomEquity… read more