Long term care, First time buyer program


Dear David,

My aging mom wants to stay in her home, but I’m concerned for her safety. You’ve said before that you often work with seniors, can you offer some suggestions? –  DREADING “THE TALK”

DEAR DREADING: As a seniors real estate specialist and a son, I know how difficult it is to discuss long-term care needs with aging parents. Depending on your relationship, you’ll need to decide whether it’s better to talk one-on-one, or bring in specific family members for backup. Mapping out your talking points before you start can help keep things on track. The conversation will go differently whether you’re talking about bringing in a caregiver, or considering admission to residential care.

This talk will likely be a tough one. Make sure to remind your mom of how much you love her and want to keep her safe. You may want to mention previous times when her health has been put at risk. Things can get emotional, but you’ll need to keep calm. If your ideas are flat-out dismissed, it may be best to drop the issue and save it for another day.

PRO TIP: It’s always better if your loved one can make the decision themselves. Start early, so you can have this discussion before a problem occurs. If you wait until a crisis hits, options may be limited.

Dear David,

My partner purchased a home nine years ago in the UK, could we still qualify for a First Time Home Buyer Program in Canada? – REBATE READY

DEAR READY: Under the federal Government’s new First-Time Home Buyer Incentive (FTHBI) set to launch September 2, it is possible for one spouse or common law partner to qualify for a first-time buyer’s incentive, even if the other one doesn’t.

Under the new program, the Canada Mortgage and Housing Corporation (CMHC) will kick in 5 percent of the purchase price of resale homes and 10 percent of new builds, provided that qualified buyers meet guidelines for purchase price, annual income, residency and rules set out by their lenders and insurers.

While the FTHBI can lower your mortgage payments without increasing your down payment, it also adds a second mortgage on title which must be paid back, either in 25 years or when the property is sold, whichever comes first.

If you feel this incentive could help, I encourage you to discuss the details with your Realtor and mortgage specialist. With the launch so close, there’s an abundance of information online that can address the fine points in more detail than is possible in this space.

PRO TIP: The FTHBI is scheduled to launch September 2, 2019 and is designated for homes that will close on or after November 1. For application information, call the FTHBI hotline at 1-877-884-2642. #Ask David #Advice