(NC)—Distressed stock portfolios and a softening real estate market are just some of the economic issues currently impacting Canadians. Seniors, the country's largest growing demographic, are also increasingly concerned. A recent Angus Reid survey revealed that a majority (53 per cent) of Canadians over 60 feel less secure about their financial future, compared to this time last year.
Major swings in the stock market can wreak havoc on the investment portfolios of those on fixed incomes. Losses on investments combined with increased economic uncertainty have had a significant impact on the retirement plans of many Canadians. In fact, Angus Reid reported that 37 per cent of Canadians over 60 who have not yet retired have been forced to delay their retirement plans due to the current economic downturn.
The doom and gloom forecasted by many economists has motivated some seniors to seek out additional sources of income: one popular option being a reverse mortgage. For more than 20 years, Canadian Home Income Plan (CHIP) has been providing homeowners aged 60 and over with a stable and reliable financial solution, which enables them to access up to 40 per cent of their home's value, with no income, credit or medical requirements.
As many seniors are discovering, a reverse mortgage can fill the equity gap left as a result of declining stock values. This can provide an attractive alternative to simply selling off one's investments and missing out on the potential to recoup losses. Leveraging the equity in a home can provide seniors with the opportunity to take advantage of the current cost of stocks and build a stronger investment portfolio.
By obtaining a CHIP Home Income Plan and unlocking the equity in their home, Canadian seniors can augment their income and enjoy their retirement. More information on this topic can be obtained online at www.chip.ca, toll-free at 1-866-522-2447, or from your financial planner or banker.
Source: www.newscanada.com
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