5 things pensioners applying for a loan should remember

Written by Nicholas Cameron

Continued from page 1

Being an existing homeowner may help your situation

Even if you have strong income as a pensioner, a number of factors such as illness or hospitalisation may affect that income and lead to financial difficulty. If you are a homeowner, you may be able to access any funds or equity in your property to securerepparttar loan and convincerepparttar 151101 lender that you can meetrepparttar 151102 proposed repayments forrepparttar 151103 term ofrepparttar 151104 loan.

Non-standard loan facilities may be difficult to obtain

Line of credit mortgages, some long-term fixed-rate mortgages and mortgages that offer payment breaks are all innovations that have appeared inrepparttar 151105 mortgage market in recent years. Unfortunately, many of these mortgages may be unavailable to pensioners. Lines of credit, for example, which allowrepparttar 151106 homeowner to take equity out of his or her home, present greater risk to a money lender because of their potential to extendrepparttar 151107 loan period and create more opportunity for default. Because pensioners may already be considered high risk, it is unlikely that these financial products will be available.

You may be required to apply for loan insurance

Depending on your circumstances, you may wish to obtain loan insurance. This ensures that your loan repayments are met inrepparttar 151108 event of involuntary unemployment, injury or death. Althoughrepparttar 151109 premium may be higher than average due to your status as a pensioner, a lender may nevertheless require you to obtain loan insurance before approving your application.

Nick Cameron is a writer for Australian Debt Reduction which is part of Australia's largest Debt Relief organisation and has assisted more than 10,000 Australian's reduce their debt. You can read more articles and find out more about how to reduce your own debt at http://www.australian-debt-reduction.com.au or by calling 1300 306 272 from within Australia.

Canada’s Aging Baby Boomers: Planning Health Insurance for the Future

Written by Anna Dorbyk

Continued from page 1

Opting for supplemental health insurance allows you to customize your plan to suit your individual needs. For many seniors,repparttar prospect of spending time in a hospital is not a pleasant one, but with supplemental coverage, a private room in a health care facility can makerepparttar 151078 stay more comfortable. Not only does health insurance easerepparttar 151079 worry that individuals may have concerning their own personal welfare, but it also helps to assuagerepparttar 151080 fears of family members on whomrepparttar 151081 burden of long-term care would fall.

As ten million Canadians begin to approachrepparttar 151082 time in their life when retiring is imminent, it becomes a necessity to plan for whatever eventualitiesrepparttar 151083 future might hold. Thinking ahead to answerrepparttar 151084 various demands of aging helps guarantee a peace of mind for yourself and your family and ensures that you are ready to facerepparttar 151085 challenge of life’s milestones.

Anna Dorbyk is the editor for Canada Health Insurance and is a graduate student in Communication Studies at Concordia University. For more information on health insurance for Canadians please visit www.canada-health-insurance.com.

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