Boomers: how will you finance your ‘grey’ divorce?
The cost of maintaining 2 homes greatly increases expenses in retirement TORONTO, Oct. 27, 2014 /CNW/ - With the number of grey divorces on the rise in Canada, many Boomers may not realize the cost of maintaining two homes can increase expenses by as much as $20-$30,000 per year. This can have a serious impact on finances during retirement. In fact, according to Statistics Canada 2011 census data, divorce among Baby Boomers is becoming more common and the numbers are expected to steadily increase. Approximately 60,000
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Seniors: ready to spend a minimum of $40,000?
Emotional, financial costs should both be considered TORONTO, Sept. 23, 2014 /CNW/ - When it comes to retirement, many Canadians look to downsizing to a smaller home or condo to supplement income for their latter years. What many fail to realize, however, is the average cost of downsizing is approximately $40,000. That's according to mortgage agent John Cavan, a 26-year industry expert with Mortgage Architects. The cost is an industry average based on the sale of a $400,000 home and includes real estate, legal and movi
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Guess what women seniors worry about most?
Yes, it's money and the fear of running out of funds in retirement TORONTO, July 22, 2014 /CNW/ - Although retirement is meant to be a time to enjoy friends and family it's finances that typically derail what can be a special time – especially for women seniors. That's because this segment of Canada's population was raised in a time when most men were expected to control the finances, explains Trevor Van Nest, Owner and Founder of York Region Money Coaches. "And then, in their later years, many of these women find
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Get your hands off my inheritance!
New study reveals most Canadians are not, in fact, 'waiters' seeking inheritance from parents TORONTO, June 19, 2014 /CNW/ - A new study commissioned by HomeEquity Bank, provider of the CHIP reverse mortgage, shows 45% of Canadians surveyed are not expecting an inheritance from their parents, compared to 35% who do expect to receive a financial bequest. Twenty per cent of respondents don't know if they will receive an inheritance. And, nearly all respondents (94%) who expect to receive an inheritance say they are willi
Continue Reading...How will Canadian seniors deal with lack of funds in retirement?
For some, a reverse mortgage is often the only solution to financial crises TORONTO, May 26, 2014 /CNW/ - The lack of pension reform combined with seniors living longer than ever is leading to a lack of finances in old age - a troubling issue that needs to be discussed in families across the country. That's according to HomeEquity Bank experts, provider of the CHIP reverse mortgage. "Canadian seniors want to remain in their homes as they age. However, there are many that could lose their homes because they haven't s
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