January 07 , 2019  /   Consumer Insights

4 things your clients should know about their retirement

For years, we Canadians have been conditioned to think about retirement in terms of planning and saving. But it’s a new reality out there. Today, there are more factors to consider, and more products at our disposal. The 4 facts below can affect the way your clients prepare for the day they step away from work for good. Sharing these with them will not only serve to deepen your client/broker relationship; it will also demonstrate how you continue to have their best interests at heart.

  1. Women need to save more for their retirement than men do. It’s a known fact that women live longer, so it makes sense that they will require more money for those extra years. Statistics show that on average, a woman aged 65 today will live to be 87, while a man of the same age can expect to live to be 84. Will your clients’ money last as long as they do?
  2. The Canada Pension Plan and Old Age Benefits help. If you worked in Canada your whole life and retire at 65, you could qualify for up $16,600/year in CPP and Old Age Benefits each year. While that’s not enough to live on, it’s a nice little cushion to count on.
  3. People are working longer. While the average retirement age in Canada has officially hit 65, people are no longer sitting on the sidelines and watching the world go by. Many people choose to stay engaged by continuing to work part time or even pursue a second, new career.  As a whole, we are staying active and engaged longer while continuing to earn money. And that’s a good thing, because many Canadians will not have enough funds once they retire.
  4. The average Canadian 55+ will have a $10k income gap yearly, when they retire. Living longer has created a financial shortfall, because many financial plans didn’t factor in this kind of longevity. Many other Canadians – about half of the population – don’t even have savings. Options like reverse mortgages are growing in popularity and can unlock up to 55% of the value of their home into tax-free cash.

Retirement is a stage many of us look forward to. By making your clients aware of where gaps in their nest eggs may occur, they can plan properly and look forward to enjoying their golden years without worrying about running short on finances.

SOURCES:

Statistics for how long people live:
https://www.theglobeandmail.com/investing/personal-finance/retirement/article-70-is-the-new-retirement-age-or-is-it/

Amount you can qualify for in CPP/Old Age Benefits:
www.moneysense.ca/save/retirement/10-things-they-wont-tell-you-about-retirement/

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November 09 , 2023   /   Consumer Insights

10 Telltale Signs of a Potential CHIP Reverse Mortgage Client

Do you have clients aged 55 and above who need help to qualify for conventional lending products? It’s a common scenario, and it can be challenging to find the right financial solution for these individuals. However, there is a valuable alternative that can address the unique needs of this demographic: the CHIP Reverse Mortgage by HomeEquity Bank. The CHIP Reverse Mortgage by HomeEquity Bank is a secure financial solution that enables Canadian homeowners 55+ to access up to 55% of the equity in their home in tax-free cash, without the need to move or sell, and the best part is, they don’t need to make any monthly mortgage payments until they no longer live in the home. To identify prospective clients who may benefit from the CHIP Reverse Mortgage, it's essential to be aware of specific indicators that suggest their suitability for this particular financial solution. Here are ten signs that point to a potential CHIP Reverse Mortgage client. Payment Struggles: The client is making late payments, skipping payments, overdrafts, and complaining about costs/expenses. Declined Applications: The client is declined for conventional lending products due to a low credit score, insufficient income or back taxes owing. Family Assistance: The client's children want to assist their parents to help them maintain their independence financially. Sale of Investments: The client is selling off their registered or non-registered investments. Inheritance: The client is helping a loved one with an early inheritance to help with a downpayment, education, divorce, etc. Death of a Spouse: The client is dealing with the death of a spouse and is struggling with a reduced income and needs to requalify for revolving credit. Grey Divorce: The client is dealing with a divorce and is looking to buy out the marital home from the other spouse. Real Estate Investment: The client wants to invest in real estate or needs a bridge financing solution. Homecare for One Spouse: The client is in need of homecare or assisted living for either themself or their spouse. Financial Strain: The client has a financial plan shortfall and needs to increase their monthly cash flow. Recognizing these signs allow you to proactively engage with your clients in conversations about the potential benefits of the CHIP Reverse Mortgage. If you have any questions or would like to learn more about how the CHIP Reverse Mortgage can assist your clients, please don't hesitate to contact your Business Development Manager. Your client's financial well-being is our top priority, and we're here to support you in achieving that goal.
June 15 , 2023   /   Consumer Insights

How to Recognize the Five Most Common Forms of Elder Abuse

Over three days in December, the HomeEquity Bank Customer Experience team hosted Laura Proctor, a Prevention Consultant from Elder Abuse Prevention Ontario, to teach them more about elder abuse. Laura shared statistics about the prevalence of elder abuse in Canada, explained the different forms of elder abuse, and discussed the impact of elder abuse on older adults and how to recognize it to prevent and stop it. Because of the importance of the topic, we wanted to share what the team learned so you, too, can recognize the signs of elder abuse. Over the next 20 years, Canada’s 65+ population is expected to grow by 68%. With an aging population, it’s crucial for Canadian businesses to recognize this growing demographic and understand the issues they face, such as ageism and elder abuse. Ageism refers to the stereotypes, prejudice and discrimination towards others or oneself based on age. Ageist attitudes can lead to poorer medical and mental health outcomes, employment discrimination, significant monetary loss, increased social isolation and loneliness, environmental stressors, and even elder abuse. The World Health Organization (WHO) defines elder abuse as “a single or repeated act, or lack of appropriate action, occurring within any relationship where there is an expectation of trust, which causes harm and or distress to an older person”. A 2015 study by the National Initiative for the Care of the Elderly (NICE) showed that 8.2% of older adults in Canada experienced some form of elderly abuse. Among older adults, there are five common forms of abuse: Emotional/Psychological Abuse: Psychological abuse is the most common form of abuse among older adults. It consists of any verbal or nonverbal activity that results in the degradation of an individual’s identity, dignity, and self-worth. Individuals who experience psychological abuse typically tend to show signs of increased fear or anxiety. They begin isolating themselves from friends or family, display unusual behavior, and become disinterested in everyday activities. Financial Abuse: Financial abuse is described as any improper conduct, done with or without the informed consent of an individual, that results in monetary or personal gain to the abuser and monetary or personal loss for the individual. Older adults experiencing financial abuse may showcase changes in their appearance, health status, or personal habits. Other indicators include unexplained changes in wills or title documents, increased telephone solicitations for funds, missing personal property, funds wired out of the country for mysterious reasons, missing or redirected mail, and names added to their bank accounts. Physical Abuse: The third most common form of abuse among older adults is physical abuse. It is defined as any act of violence or rough handling that may or may not result in bodily injury but causes physical discomfort or pain. Older adults experiencing physical abuse may display signs of dehydration or severe weight loss. They may be getting over- or under-medicated and display injuries such as bruises, cuts, or sores that they cannot explain. Sexual Abuse: Sexual abuse is non-consensual sexual conduct of any kind with an older person or sexual contact with anyone who is incapable of giving consent. This includes joking of a sexual nature, sending or receiving sexually explicit photos, and inappropriate touching, to name a few. Among older adults, sexual abuse is a form of abuse that is not talked about enough. Neglect: Neglect is the failure to provide care and assistance required for health, safety, or well-being and includes inaction or a pattern of inaction that jeopardizes the health or safety of an older adult. An individual can neglect an older adult by not providing them with food or water, not providing proper clothing or hygiene, or leaving them in an unsafe environment. They may even deny an older adult access to necessary services such as home care, nursing, or medical attention. With Canada’s 65+ population expected to grow by 68% in the next 20 years, it has become more important for Canadians to recognize signs of elder abuse and ageism and take action. To learn what the Government of Canada is doing for seniors, visit canada.ca/seniors. To report elder abuse, contact your local authorities or seniors’ safety line.
February 13 , 2023   /   Consumer Insights

How to Determine if the CHIP Reverse Mortgage is Right for your Client

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