VANCOUVER -- Due to the pandemic many seniors are at a disadvantage when it comes to living their best during their golden years.
Aging and business expert Yvonne Ziomecki joined CTV Morning Live to share how seniors can live comfortably and safely during this time in their lives.
Ziomecki started with what she calls the three Rs of retirement.
They are review, reverse and relax.
Ziomecki says this is a great time to review your financial situation.
People should address if they have been delaying important financial decisions or purchases.
It is a good time to have a conversation with adult children about retirement plans.
The second R Ziomecki mentioned was reverse.
Ziomecki works for Home Equity Bank and offers CHIP reverse mortgages.
These allow homeowners 55 and older an option to get money out of their house as a lump sum or in regular deposits.
She explained there are no monthly mortgage payments required and the only obligation is to pay property taxes and insurance, and to keep the house in good condition.
The third R is relax.
With money from the home available, people can use the funds for a variety of reasons.
Home renovations, supplementary income and helping adult children are all ways some choose to use these funds.
Check out the full segment from CTV Morning Live for additional helpful tips in regards to spotting scams and how to create a retirement rescue plan.
