Feb 27, 2023
Frequently asked questions about probate in Ontario; answered.
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At ClearEstate, we are all about helping consumers better manage their wealth, by providing the best tech-enabled estate planning and administration services in the market. Clients come to us for the peace of mind and the simplicity (i.e. one-stop-shop) of our offering. It therefore only makes sense that we help them with one of their biggest challenges: Real Estate.
Over the last 30 years, Canadians have seen a stark increase in the share of their income being allocated to real estate, as home price appreciation has outpaced wage growth… so much so that real estate assets account for 562% of their disposable income and nearly half of the total household wealth held in the country, according to a recent Investor Economics report.
Through our work helping Canadians transfer this wealth to their heirs, we see this concentration in homes, where roughly ~65% of our clients have a residence to transfer, and tying up on the median, nearly ~90% of their wealth.
Compounding this with the fact that seniors who retired 20 years ago now have an added 3 years in life expectancy and how the COVID pandemic has materially changed the desire for retirees to stay in their homes longer, it begs the question:
How will Canadians afford it?
That’s why we are proud to announce today our partnership with Bloom Finance, an innovative partner helping consumers unlock home equity through a reverse mortgage offering.
Reverse mortgages help spousal inheritors of real estate wealth gain access to liquidity while maintaining the ability to live in their homes longer - being the surviving spouse is difficult enough, no need to pile on the hardships of selling your family home and having to move out.
Want to know more? Connect with Bloom here.
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