– What is your home doing during your retirement?
OAKVILLE, ON, Nov. 17, 2014 /CNW/ - FCT, Canada's largest provider of title insurance is launching a campaign called "Retire Your Home" to encourage those engaged in retirement planning discussions to think about what their home is doing during their retirement- Is it mortgage free? Vacant? Rented? And then, plan for its long-term security. The campaign also alerts retirees/pre-retirees and their financial advisors about the increased real estate fraud risks on many attributes common in a Senior's home. www.RetireYourHome.ca provides them with information about when these risks appear over their home's life and gives them the tips to protect themselves from the negative impacts of real estate fraud.
"The biggest part of most Canadian's nest egg is their home, so what it is doing during your retirement is an important question to ask," said Lori Sartor, FCT's VP Residential Solutions. "Some of the benefits we look forward to in our retirement- mortgage freedom, extended travel, snowbird lifestyle, renting our home are common elements in the "home" profiling done by real estate fraudsters."
"Title insurance for a retiree's home should be part of insurance considerations for a secure retirement plan, just like life and health insurance," concludes Ms Sartor.
FCT has seen an uptick in the profiling of Seniors' homes by fraudsters. www.RetireYourHome.ca contains a post from the Mayor of a small town in Saskatchewan whose home was the target of a fraudulent sale in February 2014, and the 2013 Law Times article about the impersonation of an 80-year old woman in an attempt to obtain a $425,000 mortgage on her mortgage-free home in Mississauga.
Recently FCT's underwriting team refused a suspicious deal for $500,000 mortgage on a rented Toronto property that had free and clear title. The "borrower" was 98 years old and the mortgage was negotiated by someone identifying themselves as a "relative." Additionally, FCT paid out six figure claims in cases where elderly homeowners were victims of fraud in the Greater Toronto Area. One was the victim of a tenant posing as the owner; and the other was also the victim of an impostor.
Founded in 1991, the FCT group of companies is based in Oakville, Ontario, and has over 800 employees across the country. The group provides industry-leading title insurance, default solutions and other real-estate-related products and services to approximately 1,250 lenders, 43,000 legal professionals and 5,000 recovery professionals, as well as real estate agents, mortgage brokers and builders, nationwide. For more information on FCT, please visit the company website at www.fct.ca.
† The FCT group of companies includes FCT Insurance Company Ltd. which provides title and valuation insurance by FCT Insurance Company Ltd., with the exception of commercial policies, which are provided jointly by FCT Insurance Company Ltd. and First American Title Insurance Company. Services by First Canadian Title Company Limited.
Image with caption: "FCT Launches “Retire Your Home” (CNW Group/First Canadian Title)". Image available at: http://photos.newswire.ca/images/download/20141117_C8862_PHOTO_EN_7389.jpg
SOURCE: First Canadian Title
For further information: Wendy Rinella, FCT, 905 287-3379, [email protected]