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Banking and Access to Home Equity

Banking

High-Interest Chequing Account
No-Fee Banking
Easy Access To Your Money
Flexible Withdrawal Options
Easy Online Access

Access to Home Equity

Home Equity Line of Credit
Retirement Income Supplement
Flexible Borrowing
Mortgage Fraud Protection
Financial Planning for Seniors

Welcome to Senior-Focused Banking: Manulife Bank Advantage Account

Manulife Bank understands that financial independence is important at every stage of life, especially in retirement. That’s why they have designed the Manulife Bank Advantage Account specifically with seniors in mind. Whether you’re saving for future goals or managing your day-to-day expenses, this account provides a unique blend of savings and chequing features to meet your needs with ease and security.

Key Benefits for Seniors:

High-Interest Chequing & Savings on Every Dollar

Whether you’re handling everyday purchases, sending money to family, or paying bills, the Advantage Account offers the flexibility of a chequing account with the added benefit of earning interest. With this account, you’re always in control of your finances.

Unlike traditional chequing accounts that offer minimal or no interest, the Advantage Account helps your savings grow with a high interest rate on every dollar you deposit, with no minimum balance required. This is ideal for retirees looking to maximize the returns on their hard-earned savings.

No Monthly Fees or Minimum Balances

We know that managing finances on a fixed income can be challenging. With the Advantage Account, there are no monthly fees, and if you maintain just $1,000 in your account, you enjoy unlimited free everyday banking transactions. This makes budgeting in retirement easier and more predictable.

Easy Access to Your Money

With aging comes the need for ease and convenience. The Advantage Account allows you to access your funds anytime, anywhere through online, mobile, or telephone banking. Additionally, you can withdraw cash at thousands of ATMs across Canada and even receive cash back at participating retailers using your Interac® Debit card.

Senior-Friendly Digital Banking

Manulife makes sure online banking is simple and senior-friendly. From paying bills to transferring funds or depositing cheques using your phone, the Advantage Account offers all the digital tools you need to manage your money safely and efficiently. Manulife's user-friendly platforms make banking easy for all comfort levels with technology.

Family-Friendly Features

For senior couples or those managing joint household finances, the Advantage Account can also be set up as a joint account, allowing both partners to enjoy the same great features.

No More Complicated Fees

Manulife makes banking simple. Here are some of the essential, low-cost services designed for seniors:

Free unlimited everyday banking if you maintain a balance of $1,000.
No charge for mobile cheque deposits, Interac e-Transfers, or bill payments.
Modest fees for certain services, such as $1.50 for ATM withdrawals outside the Manulife Bank network or $1.00 per Interac Debit card purchase when your balance is below $1,000.

Accessing Your Home Equity: A Flexible Financial Tool for Seniors

As you approach retirement, your home often becomes one of your most valuable assets. With Manulife One, you can tap into the equity you’ve built in your home, providing you with financial flexibility and security. This allows you to manage unexpected expenses and enhance your retirement experience without the burden of traditional debt.

Key Benefits of Accessing Home Equity

Financial Flexibility

Supplement Your Retirement Income: Accessing your home equity can help cover everyday expenses, allow you to take that dream vacation, or manage unexpected costs like home repairs.
Support Family Members: Use your equity to assist family members with significant expenses such as education costs or down payments on their first home.

No Pressure to Withdraw

With Manulife One, you can borrow up to 65% of your home’s appraised value, but you’re not required to withdraw funds unless you choose to. This means you only incur costs when necessary, making it a flexible option compared to traditional mortgages.

Preventing Mortgage Fraud

Registering a Manulife One account against your mortgage-free home can deter potential fraudsters from exploiting your property, ensuring your equity remains safe.

Why Choose Manulife One?

Guaranteed Renewable Until Age 85: Your policy remains active regardless of claims, ensuring long-term security.
No Minimum Withdrawal Requirements: You decide when to access funds, with no penalties for early repayment.
Easy Access: Manage your finances seamlessly with online banking, allowing you to transfer funds and check balances at your convenience.

Next Steps

If you’re considering accessing your home equity, contact us to discuss your options. We can help integrate Manulife One into your overall financial plan, ensuring you make informed decisions that best suit your needs.

Frequently Asked Questions

What is the difference between banking and access to home equity?

Banking involves managing your money through services like savings accounts, checking accounts, and loans offered by financial institutions. Access to home equity refers to utilizing the value of your home to obtain funds, typically through products like home equity lines of credit or reverse mortgages, allowing you to tap into your home's equity for financial needs.

How can seniors benefit from banking services?

Seniors can benefit from banking services by having easy access to their funds for daily expenses, enjoying high-interest savings accounts, and utilizing no-fee accounts designed specifically for seniors. These services help manage retirement income effectively while ensuring financial security.

What are the specific advantages of accessing home equity for seniors?

Accessing home equity provides seniors with a way to supplement their retirement income, fund healthcare costs, or handle unexpected expenses. It offers financial flexibility since they can borrow only what they need without immediate repayment obligations, which can be especially helpful for managing budgets in retirement.

Are there risks associated with accessing home equity that seniors should consider?

Yes, seniors should be aware of potential risks, such as accumulating debt and the possibility of losing their home if they are unable to repay the borrowed amount. It is essential for seniors to seek guidance from financial advisors to fully understand these risks and make informed decisions.

Can seniors use both banking services and home equity options at the same time?

Definitely! Seniors can utilize banking services for regular transactions and savings while also tapping into home equity when larger expenses arise. This combined approach can help create a more robust financial strategy tailored to their needs.

At Senior Secure Canada, we specialize in providing financial solutions that ensure guaranteed income for life, helping you retire with peace of mind. With personalized strategies tailored to your needs, we help you navigate retirement without the stress of market risks.