For Millennials, buying a home is a distant dream unless parents help with down payment

For parents, a reverse mortgage can provide funds TORONTO, June 13, 2016 /CNW/ - Young Canadians living in hot housing markets such as Vancouver and Toronto are increasingly looking to their parents for help with down payments when it comes to purchasing their first home.  And, for parents who have seen the value of their homes rise dramatically in the last 10 years, a reverse mortgage is often an attractive way to assist adult children. That's according to HomeEquity Bank experts, who are helping more Canadian senior

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Seniors want to age in place, but study shows 58% must renovate

HomeEquity Bank teams with Ipsos Canada to study top renovations required TORONTO, April 6, 2016 /CNW/ - Most Canadian seniors want to remain in the family home as they age, but often must renovate and retrofit areas of the home as part of aging in place. That's according to the results of a study conducted by HomeEquity Bank and Ispos Canada, where 300 Canadian homeowners were surveyed from March 15th to 18th 2016. The study focused on Canadians aged 55 and older and asked if renovations were needed to remain in t

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Doctors, lawyers and dentists just like everyone else

TORONTO, Feb. 23, 2016 /CNW/ - 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. Professionals are just as likely to encounter money troubles late in life and he's seen this with his own clients. "I see it quite often, where high income earners sell their practice and retire, but still spend m

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Home Is Where The Heart Is

HomeEquity Bank stats show seniors plan to use home to generate income   TORONTO, Dec. 15, 2015 /CNW/ - 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. A recent report from the Federation of Canadian Municipalities (FCM) shows that 93% of seniors live at home and prefer to age in place. And, HomeEquity Bank statistics support this, reporting that 60% of retired Canadians describe staying in their h

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What should seniors expect from the new Liberal government?

TORONTO, Nov. 17, 2015 /CNW/ - Canadian seniors worried about finances may be wondering what changes they can expect now that a majority Liberal government has been elected. "The comments we hear from seniors, every day, are that government changes are needed to areas affecting finances. Some are struggling while others face dire financial challenges," notes Yvonne Ziomecki, SVP, HomeEquity Bank, the only bank dealing exclusively with seniors. "The most important promise of the Liberal government to retirees is what i

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