Age in place safely and independently
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Age in place safely and independently

ByStan S.

Use these tips and resources to ensure you get the most out of life – and home – as you age in place.

Housing options for seniors

Canada has a variety of housing options to fit different needs and budgets.

Canada has many housing options available for seniors that suit a wide range of budgets, health needs and personal preferences. Asking the right questions and understanding the different options will help you make an informed decision if you decide to move.

For information on adapting your current home to fit your changing needs, see Aging in Place.

What are You Looking for in a Home?

Take time to think about your current and future housing needs. Consider downsizing or “rightsizing” if your current home is unable to meet your changing health or mobility needs.

If you decide it’s time to move, consider the following:

  • What will your monthly budget for housing expenses be in your retirement?
  • What are some of your housing must-haves?
  • Will you want to be closer to family or friends?
  • Will you want to be close to any specific services or facilities?
  • Will you need convenient access to public transit now or in the future?
  • Will you need specific accommodations for health or mobility needs?
  • How much home or yard maintenance will you want to do?
  • How much space will you need?

Housing Options

Depending on your needs and preferences, you may want to explore some popular housing options for seniors that offer more support.

  • Co-housing
    Co-housing involves sharing a home with a friend or family member. In addition to cutting costs, sharing a home can provide mutual benefits like companionship, help with daily tasks and extra support in case of an emergency.
  • Co-operative Housing (Co-ops)
    Co-ops are legal associations that provide housing in return for a share in the maintenance or other tasks. Some co-ops cater specifically to seniors and may be seniors-only buildings.
  • Life Lease Housing
    Religious or charitable organizations often operate this condominium-like option. Residents pay upfront and monthly fees for the right to live in the home for a specific period.
  • Supportive Housing
    Supportive housing refers to independent apartments with access to services like housekeeping, personal support and healthcare available for free or at a reduced cost. Residents usually pay their own rent and any other living expenses.
  • Retirement Communities
    These residences combine independent living with access to support and recreational facilities. They provide a community setting for active seniors.
  • Retirement Homes
    Retirement homes are for-profit businesses that offer a full range of accommodations, services and healthcare support. The costs vary depending on the facilities and the level of service and support offered.
  • Nursing Homes and Assisted Living Facilities
    These are similar to retirement homes but are sometimes operated as not-for-profit residences by the federal government. They also offer a wider range of healthcare and support services for seniors with more demanding care needs.

Housing and finance tips

Information about housing-related decisions and financial issues for seniors in Canada.

Stay up to date on key housing information and financial issues that affect seniors.

Housing options for seniors
Learn about different housing options that can meet your current and future needs.

Mortgage financing options for people 55+
Discover available options for accessing the equity in your home and learn tips to make the best choice.

Hiring a contractor
A step-by-step guide for selecting and hiring a contractor with all the key questions to ask.

Preventing fraud and financial abuse
Learn to recognize, prevent and report the forms of fraud most often targeted at seniors.

Mortgage financing options for people 55+

Access the equity in your home with refinancing, home equity lines of credit and reverse mortgages.

If you’re a homeowner over the age of 55 with no major debts, you may be able to access the equity in your home without having to move or sell. Understanding the different mortgage financing options will help you make the best decision for your situation, whether you need extra money for maintenance or to update your home.

Types of Mortgage Financing

There are several mortgage financing options in Canada, and 3 recommended specifically for seniors.

  • Refinancing This is usually the simplest option if you have the resources to cover monthly mortgage payments. It allows you to borrow up to 80% of your home’s value. You then repay the loan in monthly instalments over 25 or 30 years. This option often provides the best interest rate.
  • Home Equity Line of Credit
    This gives you the flexibility to borrow as much or as little money as you need, up to 65% of your home’s value. The minimum monthly payments are simply the interest on what you’ve borrowed, so it may take more time and discipline to pay back the loan. The interest rate for this option is variable, and the line of credit can be combined with a regular mortgage to a maximum of 80% of your home’s appraised value.
  • Reverse Mortgage
    This option has a more complex contract. It lets you borrow up to 55% of your home’s value all at once or as fixed monthly payments. In most cases, the amount of the loan and the accumulated interest are only repaid when you sell your home or pass away. This option is ultimately more expensive, and seeking independent legal advice is highly recommended.

Making your Decision

Your decision will depend on your needs and situation, and on the policies of the different lenders. Consider the following questions as you review your options:

  • Would you prefer to receive the loan as a single “lump sum” payment, in smaller monthly payments, or to use it as an annuity or a line of credit?
  • What happens if you want to sell your home in the future?
  • How will this decision affect your spouse or children?
  • What happens if the amount you owe is more than the value of your house when it’s time to pay it back?
  • Will there be penalties if you decide to pay off the loan early?
  • Is there a “cooling off” period so you can cancel the agreement if you change your mind?

Preventing fraud and financial abuse

Learn to recognize, prevent and report the types of scams that target seniors.

The most common crimes committed against seniors in Canada are fraud and financial abuse. Sadly, these crimes are often committed by someone you know, like a doctor, caregiver, financial advisor, neighbour or family member.

COMMON FORMS OF FRAUD AND FINANCIAL ABUSE

Learn to recognize the ways that someone may try to take advantage of you:

  • Forging your signature on cheques or financial documents.
  • Using your debit or credit card to make withdrawals or purchases without your permission.
  • Stealing from your bank account using your identity or personal information.
  • Asking you to give, donate or invest money under false pretences.
  • Requesting personal information or money through dishonest or impersonated e-mails, websites or phone calls.
  • Moving into your home without being invited or pressuring you to provide food and shelter to someone without payment.
  • Exploiting a Power of Attorney or legal guardianship.
  • Coercing you to make changes to your will.
  • Convincing you to sign documents you haven’t read or don’t fully understand.
  • Pressuring you to refinance your home, sell your home for less than it is worth or co-sign for someone else’s mortgage.
  • Assuming your identity to steal the title to your home, sell your house or take out a second mortgage.
  • Promising to loan or give you money so you can apply for a mortgage you don’t qualify for.
  • Bullying you to use your good credit to apply for a mortgage for someone with bad credit.

PROTECT YOURSELF FROM FRAUD

Reduce your risk of being targeted by following these security measures:

  • Store credit cards and personal and financial information in a safe and secure place. Only share this information with people you trust.
  • Choose PIN numbers and account passwords that are difficult to guess. Keep these private.
  • Regularly monitor your bank accounts and statements for unusual charges or other suspicious activity.
  • Shred all financial statements, bills and other important documents before recycling them.
  • Don’t click on web links, open email attachments or respond to emails from people you don’t know.
  • Be wary of strange or unusual emails from friends or family as their accounts may have been compromised.
  • Avoid sending money to anyone, even a friend or family member, unless you can confirm their identity and why the money is needed.
  • Read all legal documents carefully and ensure you understand them before signing them. Pay special attention to your will or Power of Attorney.
  • Report any items that go missing from your home, especially ones that might be valuable.
  • Seek independent legal advice before signing papers related to the title to your home, your mortgage or anyone else’s mortgage.
  • Never misrepresent your finances or accept money from anyone in order to apply for a mortgage.
  • Check at least 3 references before hiring someone to work on your home or for personal or financial services.
  • Stay in regular contact with family, friends and others you trust to lower the risk of isolation.

IF YOU ARE A VICTIM OF FRAUD

There is no need to feel embarrassed if you suspect you’ve been the target of fraud. Take the following steps as soon as possible:

Notify your bank or credit union.

Write down everything you remember about the situation, including names, dates, and all communications.

Tell a friend, family member or someone else you trust.

File a report with your local police department.

Contact the Canadian Anti-Fraud Centre.

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