High income earners such as doctors, lawyers and dentists are often perceived as ‘rich’ and lucky to experience a comfortable, financially stress-free retirement. Yet, according to Mac Killoran, Tax Partner, Fruitman Kates LLP Chartered Accountants, this is not always the case.
Canadian seniors consistently report that they prefer to live at home and age in place. Yet, they also report that financial challenges are the biggest hurdle to doing so.
HomEquity Bank outlines planned changes for older Canadians. Canadian seniors worried about finances may be wondering what changes they can expect now that a majority Liberal government has been elected.
For the first time, mortgage brokers will be able to submit deals directly to the bank via D+H Expert upon being certified. Last year, HomEquity Bank’s broker business saw a growth of 39%, with over 1,000 mortgage brokers sending in referrals with an average deal size of $150,000.
Mortgage debt among seniors is increasing right across Canada, and for those aged 70+ it has increased 12% compared to 2013. That’s according to the results of a Debt in Retirement study conducted by HomEquity Bank and Equifax Canada.
HomEquity Bank announced record $41MM in reverse mortgage origination in the month of July. July YTD originations of reverse mortgages by HomEquity Bank grew by 21% YOY.
HomEquity Bank has asked Canadians about their hopes and plans for retirement.The goal is to compare Canadians’ financial expectations for retirement with their financial reality once they finish working.
TORONTO — From doctors and dentists to bankers and lawyers, all professionals interacting with seniors can play an important role in helping to report suspected incidents of elder abuse.
homeequity Bank announced today its 2014 originations grew by 23% YOY and reached $309MM. As of Dec. 31, 2014, the homeequity Bank portfolio of reverse mortgages has surpassed $1.7 billion.
With the holiday season fast approaching aging Canadians embrace the concept of ‘giving with warm hands’. Almost 5% of clients aged 55 and over arrange reverse mortgages as a way to gift money to their adult children.
