The author discusses two common options used to enable aging persons to live on their own for as long as possible: Life Leases and Reverse Mortgages (also known as Home Equity Conversion Mortgages). Using a unique question and answer technique, the author effectively addresses many of the questions a practitioner might have when advising clients about the options for securing reliable source of income for the balance of their lives. Drawing on papers previously prepared for the CMHC, case studies are also used to demonstrate the application of these strategies.

This paper was drawn from materials presented at the Advising an Aging Population seminar held in May 2012.