18.5.6 EXPENSE DEFERRAL ACCOUNT
WHEREAS senior homeowners may find their low or moderate income insufficient for utility cost, and
WHEREAS seniors who own homes may not have the funds to pay for specific expenses such as hydro bills, home insurance, etc. when they need to pay for needed medications, and
WHEREAS some seniors may need to sell their homes to pay their bills,
THEREFORE BE IT RESOLVED that the National Pensioners Federation urge the federal government to set aside funds to create a Homeowners Expense Deferral Account program to allow senior homeowners with low or moderate income to use their home equity to offset unexpected costs such as repairs to a roof or furnace, and
BE IT FURTHER RESOLVED that the deferred amount becomes due upon the sale of the property, death, or voluntary repayment, and
BE IT FURTHER RESOLVED that total deferments be allowed up to 75% of the equity of their home, and be charged simple interest.
Submitted by COSCO of B C