Posts Tagged “Seniors”
with Mark Kenny of Southport Asset Management Ltd.
What are annuities?
Today we discuss what are annuities with Mark Kenny of Southport Asset Management Ltd. Southport Asset Management Limited is located at 3845 Joseph Howe Drive, Suite 402 Halifax NS B3L 4H9 Office: 902-446-3900
Fax: 902-446-3901 Toll Free: 1-877-446-5763
Mark Kenny – Partner mark@southportasset.com
Mark Kenny of Southport Asset Management Ltd
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
In our era of identity theft, title fraud costs Canadians $300 million annually. It’s a serious problem that often impacts older adults.
What is Title Fraud?
Title fraud occurs when someone other than the lawful owner transfers the property to themselves or obtains a new mortgage to pull cash out of the house. This leaves the true owner with a mortgage registered against the property. Scammers are attracted to higher-value properties that are already mortgage-free.
The scammers will place a fraudulent mortgage against a property and disappear with the money. No payments are ever made. Months down the road, the mortgage company begins to attempt to collect on the delinquent mortgage. This is often the first time the homeowner becomes aware they have been defrauded. While the homeowner is trying to prove they didn’t take out the mortgage, the mortgage company is starting to go thru the collection and foreclosure process.
Seniors can be popular targets for several reasons:
– Many seniors have their homes paid off making it easier for thieves to place a mortgage on the property.
– If you are a snowbird and winter down south, having your home vacant for months makes it a target.
Relatives or caregivers can take advantage of people suffering from a loss of mental capacity and forge a power of attorney to gain control of a property and then sell or mortgage the property.
With so much personal information available on the internet, it has become even easier to commit title fraud. People lose their homes to this crime.
Protecting Yourself from Title Fraud
There are a variety of legal actions a person can take to recover from fraud. What can be done to prevent title fraud in the first place? The first thing is to be vigilant.
Before signing real estate paperwork, it is good practice to consult your own lawyer. Be clear about what you are signing. Legal language is confusing to anyone.
Acquire title insurance
Title insurance is an insurance policy that protects your home from title fraud as well as other title problems. Buy title insurance at the time of purchase, but it can be added later. It is good for as long as you own the property and only needs to be purchased once.
The cost is as low as a few hundred dollars. I recommend all my clients invest in title insurance.
If you plan on living in your home for the next few years it is worthwhile protection. There are several different title insurance companies that offer policies. Don’t be a victim of title fraud! Your home is perhaps your largest personal asset.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
As you get older, you may realize that surrounding yourself with a lifetime of memories has a cost to you. Your home may be so cluttered that downsizing to a smaller house, senior apartment, or assisted living facility is an overwhelming project. Even if you want to stay in your current home, you may need to clear space so you can move through your home in a wheelchair, or you may need to accommodate a live-in caregiver. When your home is overloaded with too much furniture and clothing or too many knickknacks and treasures from the past, you may find yourself feeling stuck.
The Challenges of Decluttering
When you try to approach the clutter yourself, you can find plenty of resources that suggest how to plan a decluttering project. Start with a room at a time, the articles say, or do little work each day until you have a manageable amount of possessions. Call in a relative to help make the job easier. For seniors, these suggestions might not be workable, especially if you are not in good health, if you have no relatives able to help, or if you need to make a quick move.
For most people, one of the hardest things in parting with possessions that DIY approaches do not address is that “things” acquire emotional value beyond their monetary worth. While looking over boxes of old memorabilia that chronicles your life or the early life of your children can bring closure, the decluttering process can be time-consuming and not extensive enough.
Hiring The Pros Can Get the Job Done
One of the most effective ways to whittle your possessions down to size is to obtain help of professionals who specialize in decluttering. As an objective third-party, the professionals do not have the same attachment to your possessions as you do, so they can move through your house quickly and help you decide what to keep, what to throw out, and what to donate. A good decluttering firm is respectful of your memories while getting the job done. Whether you are trying to make more room in your current location or you need to move to a smaller space, the pros have the experience to know exactly what will fit. They can do the job quickly and at a reasonable price.
Request Your Complimentary Copy of My “Preparing to Downsize” Report
Who to Call
While you could run a classified ad in Kijiji one of the safest ways to obtain the help is to hire a professional organizer. There are several local firms that specialize in decluttering in Halifax. When you hire a firm, they will take care of arranging to have your unneeded possessions hauled away.
Looking to sell your home? Give me a call today.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
When you are retired and have less income to meet emergencies, take vacations, or handle a big-ticket repair, keep in mind that you have a ready source of cash at hand: your house. Your home is likely the largest financial asset you have. You can put your home equity to work for you.
You may have approached retirement with no plans to sell your home, especially if the mortgage is paid off. When you own free and clear your costs to live there are vastly reduced, although the taxes, repair and maintenance costs, and utilities bills go on. Your home is an asset that can be tapped to improve your quality of life. You should think carefully about how to use the value of it when doing financial planning and develop a strategy to access your home equity if you need the funds by either selling the home or borrowing against it.
When You Might Want To Sell
Does your home still work for you in your senior years? Is it where you want to be? Is it too big? Does it accommodate your physical needs? You may realize it is too big for you or not near enough to the kids. If your health is failing, you may need to consider assisted living or at least find a home that is a better fit to your needs. Selling the home will free up cash.
Thinking of relocating? If you move to less expensive home or condo, you could purchase with cash and have money left over to help fund your retirement.
Becoming a renter. This gives you the option to take all your home equity and invest it to produce a monthly income. You can also pay off any mortgage debt you may have. Plus you eliminate the ongoing expenses of property tax, repairs and maintenance.
When You Might Want to Borrow
If you aren’t ready to sell, you have alternatives that allow you access a lump sum of cash or an ongoing stream. Taking a home equity line of credit (HELOC) can offer you access to cash for emergencies. Assuming you qualify for a home equity loan, a HELOC is a good way to put on a new roof or take the trip of a lifetime.
If you need to supplement your monthly income, a reverse mortgage will pull cash from your home that does not have to paid back until you sell the house or pass away. You can choose either to receive a lump sum or monthly payments, or both. Your home equity is your money and having it in hand can relieve the stress of daily living.
Should You Access Your Home Equity?
The family home should be part of your retirement planning. Using the equity to improve your retirement years is something you have earned. There is no benefit to struggling financially while hundreds of thousands of dollars in equity sits unused in your home.
Looking to sell your home? Give me a call today.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here