Older Canadian homeowners want eager homebuyers to back off
HomeEquity Bank research confirms the importance of retiring at home
TORONTO, July 16, 2018 /CNW/ – Much to the chagrin of realtors across the country, an overwhelming number of Canadians (93 per cent) aged 65 plus feel it is important to stay in their current home throughout their retirement, according to an IPSOS survey conducted in June, 2018, commissioned by HomeEquity Bank (HomeEquityBank.ca). Yet as the Canadian population ages, many homeowners are feeling pressured to sell the home they love to help finance their retirement. HomeEquity Bank wants older Canadians to know that a reverse mortgage is not a loan of last resort; it’s an empowering tool they can leverage to help them retire more comfortably in the home they love.
“We know from talking to older Canadian homeowners that they are increasingly approached by door-knocking realtors and property peepers, wondering if the home is for sale,” said Yvonne Ziomecki, Executive Vice President, for HomeEquity Bank, the leading provider of reverse mortgages in Canada. “As older Canadians are living longer and realize the benefits of staying in their homes longer, they greatly value the sense of community, independence and the familiar comforts of home.”
HomeEquity Bank has been an active partner to help Canadians, 55+ who own their own homes, to live more empowered lives by resourcing some of the equity in their home through a CHIP Reverse Mortgage (chip.ca). In fact, according to the company, inquiries about reverse mortgages are on the rise, having doubled from 2016 to 2017.
Additional consumer research has led HomeEquity Bank to launch a rebrand and an insights-based marketing campaign called ‘There’s no retirement like home.’ With the help of Toronto-based creative agency Zulu Alpha Kilo, the campaign will include a variety of TV spots and online ads that poke fun at over zealous realtors, blissfully unaware yet optimistic homebuyers and well-meaning family members offering to helpfully nudge older adults homeowners out of their home. http://www.zulualphakilo.com/press/homeequity/
“This is about empowering retirees,” said Zak Mroueh, Chief Creative Officer and Founder at Zulu Alpha Kilo. “There is a huge misperception about what it means to be retired. People feel patronized when they’re pressured into something they don’t want to do – like selling their home. We knew that these situations would be relatable to our audience and that we could really strike a chord with them.”
The new branding, positioning and tone were purposely crafted from direct feedback from older Canadians from coast to coast who advised the company it was due time that adults 55+ were depicted for the savvy, enlightened and witty consumers they are; empowered by planful choices and decisions about how to spend their retirement in a home they love, pursuing passion projects and enjoying life on their terms.
The IPSOS research, also confirmed that the emotions that go in hand with home ownership run deep with this older demographic:
- Sixty nine per cent of those aged 65+ said maintaining independence is the number one reason why it is important to stay in their home during retirement.
- More than half (51 per cent) of people aged 75+ declared it was important to stay close to family, friends and/or their community as a key reason to stay in their home during retirement.
- Forty per cent of this same group (adults aged 75+) cited emotional attachments and memories as an important factor to stay in their home during retirement.
When asked about who has approached them about selling their home, the leading response was realtors, with close to one in four respondents (24 per cent) aged 75+ have been proactively approached by realtors about selling their home.
Ziomecki shared she is confident that older Canadians will appreciate the way HomeEquity Bank is evolving to meet the needs of their generation and the leadership role the company is ready to take to help enable and support people that want to stay in the home they love. “We see the value of listening, and truly hearing what our clients are sharing with us to better meet their needs and help them feel all the more empowered along the way.”
IPSOS Research Details
Ipsos is one of the world’s largest independent market research companies. Its commitment to driving the industry with innovative, best in class research techniques that are meaningful in today’s connected society is a primary goal. www.ipsos.com/en-ca. For this survey, a sample of 1349 Canadian homeowners aged 18+ was interviewed online. Weighting was then employed to balance demographics to ensure that the sample’s composition reflects that of the age 18+ population according to Census data and to provide results intended to approximate the sample universe.
The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/ – 3% percentage points, 19 times out of 20, had all Canadian homeowners age 18+ been polled. The credibility interval will be wider among subsets of the population. For example, +/- 7% for Canadian homeowners 65+ and +/- 14% for Canadian homeowners 75+. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
About HomeEquity Bank
HomeEquity Bank, a federally-regulated, Schedule 1 Canadian Bank, is the only national provider of the CHIP Reverse Mortgage™ solution. Founded 32 years ago, HomeEquity Bank has been helping Canadian homeowners aged 55+ access the value of the equity they have in their homes, maintaining ownership of their home, until they make the decision to sell. HomeEquity Bank has ranked on the Canadian Business and PROFIT’s 28th and 29th annual PROFIT 500 list, the definitive ranking of Canada’s Fastest-Growing Companies. HomeEquity has also been recognized as an Aon Best Employer – Canada 2017.
SOURCE: HomeEquity Bank
For further information: Yvonne Ziomecki, HomeEquity Bank, 647-723-6812