For Your Information Archives - Page 19 of 196 - GIC Wealth Management



Category: For Your Information

Should cash-strapped retired homeowners eye HELOCs or reverse mortgages?

You’re a senior citizen and you don’t have enough income to live comfortably. What do you do? Get a HELOC or Reverse Mortgage?

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Will you die with a mortgage? 10 reasons why more people will

Just hearing those words creates a visceral response among some who see it as a sinister product that drains fragile old people of their home equity…In fact, the catalysts for growth are so evident that I’ll go out on a little limb and make a prediction. Within a decade, one in ten senior homeowners will sign up for a reverse mortgage, and yes, many will take them to the grave.

Here are ten reasons why:

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Stepping up retirement income – GIC ladders still work

“In our particular situation, my wife and I didn’t have formal work pension plans,” says the 66-year-old Winnipegger. “So preserving capital is very important while trying to earn enough income to meet our established goals.” To serve all three goals, one of their key strategies is a cash wedge that involves staggering five years’ worth of income needs inside their RRSP in guaranteed income certificates (GICs) with maturities from one to five years. This involves a laddering technique similar to a bond ladder to take advantage of the best rates available every year.

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Direct deposit payments: A government pitch that makes sense

The federal government can’t seem to decide whether it wants to intimidate or entice people into receiving payments like Old Age Security and tax refunds via direct deposit instead of cheques sent by mail.

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How to get the best possible mortgage rate

CALGARY — When the Bank of Montreal and TD Bank dropped their special five-year fixed mortgage rates earlier this month, it drove Alyssa Furtado “crazy” to see how much attention they received. The founder of, a website that compares financial products, says homebuyers can do better if they shop around and do their homework….“But if you were price comparing, including mortgage brokers, or you were going in and haggling and negotiating with your bank, you’d realize that the rates available were a lot lower.”

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