Category Archives: Life

Life Insurance versus Mortgage Insurance

Life Insurance versus Mortgage Insurance, is what some of my clients ask me when they are purchasing a house. A financial advisor I know in Ottawa shared with me a practical chart to explain the difference between life insurance and mortgage insurance:

PERSONAL LIFE INSURANCE MORTGAGE INSURANCE
  • Insures you
  • You decide who to name as your beneficiary
  • Renewable, convertible term insurance
  • Underwriting is done at the time of application
  • You determine the amount of the coverage; your coverage remains same
  • You own the policy
  • It is yours, you keep it
  • Your beneficiary decides how to use the money
    • Insures your mortgage
    • Lender is the beneficiary
    • Non-renewable, non-convertible term insurance
    • Underwriting is done at the time of the death
    • Covers the exact amount of mortgage balance; as you pay down your mortgage your coverage decreases but your premiums remain same; cost per $1000 of coverage increases
    • Lender owns the policy
    • When you change your lender you cannot transfer your insurance
    • Lender automatically pays remaining mortgage balance
    • Shared by Nilay Erisoglu, Financial Security Advisor, Freedom 55 Financial Nilay.erisoglu@f55f.com

Let me go through some more details of Life Insurance versus Mortgage Insurance

Life Insurance

Mainly life insurance is used for insuring yourself, you decide who you name as the beneficiary (your spouse, family member, etc) and they decide on how to use the money, the amount of money paid out to the beneficiary never changes.

Life insurance is also renewable, and convertible term insurance. In Life insurance you have protection for the duration of the policy. The duration usually is around 10 to 30 years or sometimes to an age like 70 or 80. It all depends on the term you purchase and the underwriting is done at the time of the application.

In life Insurance you determine the amount of the coverage; your coverage remains same during the policy. When you plan to sell or change lender for you mortgage, your life insurance remains the same and does not get affected, it stays with you.

Life insurance is usually less expensive than mortgage insurance. Although a note of caution that if you intend to get for another term, you could potentially be paying a higher premium depending on the age and your health. Typical the enrollment process for term life insurance is more complex than applying for mortgage insurance, since life insurance policies require a medical exam in order to secure coverage.

Mortgage Insurance

Mortgage Insurance insures your mortgage, and the lender is the beneficiary (not someone whom you have named). It is non-renewable, and it is non-convertible term insurance. Typically the underwriting is done at the time of the death. Mortgage insurance covers the exact amount of mortgage balance; as you pay down your mortgage, your coverage decreases but your premiums remain same…

In Mortgage Insurance the lender owns the policy and if you change your lender you cannot transfer your insurance to the new property. The lender automatically pays remaining mortgage balance in the case of death.

Some advantages of mortgage insurance are that they are very convenient, they often do not require any medical exam. You typically will purchase the insurance through your bank or the financial institute that lend the money for your mortgage. Mortgage insurance is usually added to the lender’s monthly mortgage payments.

The downside of mortgage insurance is they are usually more expensive than life insurance although more easy to attain from a bank. CBC Marketplace also did a series of mortgage insurance.

I hope this blog post helps explain the difference between Life insurance versus Mortgage insurance and last but not least I hope your winter is going well with a lot of fresh air experiences and you are getting ready for a wonderful spring coming up with high energy.,..Whether your plans to relocate, to downsize, to aim for a change or investment, give me a shout and lets get the ball rolling for your next chapter…

Cheers!

Written by Nilay Ertemur

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Hello Katimavik Hazeldean neighbors, friends, parents of Castlefrank and and Katimavik Schools, here are some updates on Katimavik Hazeldean Community News.

I would like to inform you on upcoming projects and festivities in our community so that you can enjoy them, make use out of them, be part of the great community we all live in, and prepare ourselves for some upcoming projects.
As you might have already received a newsletter in your mailbox, the City of Ottawa is constructing a new pump station and forcemain along Maple Grove Road, Terry Fox Drive, Katimavik Road and Eagleson Road. The newsletter states that the forcemain route on Katimavik Road includes rock that requires excavation. As a result, some construction work will be performed including blasting. The work will be conducted with an approved blasting plan that meets City of Ottawa requirements. Blasting is projected to begin the week of May 10, 2016 for approximately 18 weeks through to the end of September 2016. Blasting will not take place on Sundays and statutory holidays and the times of the operation is between 7 am- 10 pm. For more information: City Project Manager, Steven Stoddard, steven.stoddard@ottawa.ca tel: 613 866-7023.

On a pleasant note, the community has some great events coming up. On Wednesday, June 8 2016 at Katimavik School,

Castlefrank Elementary School Council and Katimavik Elementary School Council have CES/KES Community Festival.

You can come and enjoy the fun, food and FREE entertainment!

BBQ by Katimavik Hazeldean Community Association on June 4 starts at 12:00 noon and goes till 3 pm at Castlefrank Elementary School and it includes oriental children games, musicians, and dancers…

Katimavik Hazeldean Community Association has also a Community Yard Sale on June 4 from 8:00 am to 12:00 noon at your houses!

I am involved in our community and would like to invite you to come, join and be a voice for the things that matter!

Have a happy spring and summer, get out and get involved in your community, wherever it may be…
Cheers!

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Ontario is considering giving all its municipalities power to levy a land transfer tax, that includes Ottawa. So what does it mean for you as a home buyer in Ottawa? Basically, municipal land transfer tax is yet another tax but the revenue of this tax goes to City of Ottawa, and the consequence of this tax will raise closing costs for property buyers, who are already paying a provincial land transfer tax.

There will be rebates for first time home buyers but the tax rate varies. The current land transfer tax for a residence worth $400,000 is around 2% when sold. The potential municipal land transfer tax would be an another additional 2%.

Since 2008 in Ontario, Toronto is the only municipality that allows to charge a municipal land transfer tax, and the revenue is used for local city budget. There is a sample calculation provided by Toronto.ca that highlights the amount of Municipal Land Transfer Tax (MLTT). For example, a house purchase price of $500,000 (excluding HST) the resulting amount for Municipal Land Transfer Tax would amount to $5,725.00.

As for City of Ottawa, Mayor Jim Watson have stated that he is not interested in the revenue source even if the province expands taxing powers to municipalities. “It’s certainly not high on my priority list” said Mayor Jim Watson. Watson also mentioned “the city hasn’t called for the province to make a change in land transfer taxing“.
If you wish to stop this tax, please let your Ontario MPP know where you stand with MLTT. One can also sign the Ontario Real Estate Board at http://www.donttaxmydream.ca/helpstop.html and find their Ontario MPP.

And for further questions to purchase a property here in Ottawa, contact me and I will go through your questions one by one…

Cheers!

Nilay Ertemur

 

Sources:
http://www.ottawasun.com/2015/10/27/ottawa-mayor-jim-watson-isnt-interested-in-a-land-transfer-tax
http://www.thestar.com/opinion/editorials/2015/11/01/give-cities-power-to-set-a-land-transfer-tax-editorial.html
http://www.donttaxmydream.ca/

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LRT update from the city mayor, Jim Watson:
On September Wednesday the 16th, I was at a briefing conference organized by Ottawa Young Professionals Network for the city realtors to get updated on various Ottawa City News!
Accordingly, the LRT project is to create around 20 thousand more jobs!
At the moment the number of people can be accommodated into Downtown core is 9.000 but with LRT there will be around 24 thousand people capacity per hour into downtown core!
60 percent of the Ottawa core businesses think that this is a positive direction and the figure is expected to go higher as the project gets closer to finishing!
Meanwhile, Lyon station is 84%, Rideau is 44 % and the Parliament Station is 40 % done.
Once the stage 1 process gets opened to public use, then the Stage 2 construction is expected to start for Algonquin, Carleton, Ottawa Universities, Le Cite College, Bayshore and Place de Orleans. Plans are to extend the LRT from Bayshore to Moodie and then to Kanata, and even to extend it to Gatineau!

Spark Street news update: So far the street has lots of stakeholders with federal government owning all the buildings on the north side of the street, but due to the complexity of the street governance, leases have tended to be short term, with lots of empty stores… Recently some stores are opening and some new investment has been in place and more to happen on the street according to the mayor!

Last but not the least, Canada’s 150th year anniversary which will take place in 2017 is supposed to be the talk of the country! Guy Laflamme – Chairperson of the Ottawa 2017 Committee explained a new Ottawa brand is expected to be created, and the capital has the desire to lead the celebrations!
Arts and the culture will be the focus of these celebrations, citizens and visitors will have a chance to experience Ottawa like never before! The celebrations are expected to bring a lasting effect in terms of economic growth and the image of the city! Through complimentary events/ attractions, and community grassroots activities, and with more specifically welcoming/celebrating cultures in Landsdowne Park, community gardens, kitchens, 1 million trees planting initiative, the advise is to finish your basement to have visitors over in Ottawa in coming years!
And call me for any of your investment or personal real estate plans since the city is becoming more and more attractive for everyone!
Cheers!
Nilay Ertemur

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Canada is 148 years old in 2015! Celebrate it with friends, neighbors, family at the parks, in the streets and with a good spirit!
Besides Parliament Hill, Major’s Hill Park, Jacques Cartier Park, check out what your favourite museum have planned for this special day! And here is what is open and close

The Creation of Canada Day

July 1, 1867: The British North America Act (today known as the Constitution Act, 1867) created Canada.

June 20, 1868: Governor General Lord Monck signs a proclamation that requests all Her Majesty’s subjects across Canada to celebrate July 1.

1879: A federal law makes July 1 a statutory holiday as the “anniversary of Confederation,” which is later called “Dominion Day.”

October 27, 1982: July 1, “Dominion Day” officially becomes Canada Day.
Enjoy the day and being Canadian!

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How to Cool Down This Summer: (Swimming in Ottawa)

Summer in Ottawa can get pretty muggy and hot, here are 11 tips of helping you cool down in the capital and then check out the map that locates all the beaches, swimming and wading pools (It doesn’t include the splash pools)

  1. Drink lots of water – Remember to balance out the dehydration with extra water
  2. Choose fruits and veggies like watermelon contain high water content
  3. Make some custom blend of ice herbal tea with lots of ice, but remember those ice-caps in Tim Hortons do contain lots of sugar=calories
  4. When outside, wear a hat, sunscreen, cotton fabric and loose clothing
  5. Pull your curtains – If you have windows facing west side of the house, keeping those curtains or blinds closed helps to block the heat coming inside
  6. Open bathroom windows when you take a shower, it helps to vent out the humidity out of the window
  7. Skip the dishwasher drying cycle, why create more heat when one can dry their dishes in the rack, and that helps to save on your energy bill.
  8. Turn off the pilot light of your fireplace during warm months, one can turn them back on in winter and it is easy!
  9. Check your doors and windows weather stripping, just like winter brings in cold air, summer brings in the warm hot air, therefore reseal any weather stripping that is wearing out.
  10. Attic insulation is not only for winter but it also works equally well in the summer. It helps to keep the hot attic air from coming into the house. Check out my previous posting on attic insulation on how to insulate your attic.
  11. Visit a friends/family/neighbour swimming pool, to cool down the heat

Last but not least one can always go to a pool or beach and cool themselves off, here is a list of public swimming pools, beaches, and wading pools provided below with a map, feel free to share the map and this post.

Note: All wading pools and beaches are free in Ottawa. There is a cost associated with the swimming pools, one can check the prices at City of Ottawa.

Blue – Are outdoor pools
Black – Are indoor pools
Green – Are Wading pools
Orange – Are beaches


Author Nilay Ertemur

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2014 has been a great year. There are things to be thankful for always; health, family, and the bread and butter on our tables. May our lives be filled with meaningful people, events and causes in 2015 and beyond. Today, I just wanted to share a couple of things that make any holidays, traditional or cultural events more joyful and easy.

1. Its not just about the rest, it is about fun and moving also:
Most people associate holidays with eating and certain types of foods, but having some activities and fun (snow tubing, skiing, hiking, etc.) might bring us more motivation and energy…

2. Take meaningful presents
When visiting others during holidays, give meaningful presents, things that you know people will need and use rather than the fancy new toy of the year. Don’t go empty handed anywhere that you have been invited…

3. Stay physically active
During holidays we tend to gain weight, having a schedule to do exercise or simply doing the chores at home will help shed some of the pounds away and we may even manage to lose some weight!

4. Stay stress free
Holidays bring their own stress, with in-laws visiting, cousins/neighbors involvement, their expectations, ways of doing things, etc. The key to stress free holidays is planning ahead and one way to do this is to keep things simple (prune the to-do list, call don’t send cards, cut the gift list, etc) Get in touch with people that you love the most, and do the things that make you feel peaceful!

5. Organize your life
Studies show that a minor sight of cluttering puts us on the edge, organization offers a sense of control and peace of mind, and there’s a number of ways we can improve in this regard. Having a little bit of tidy up time everyday, making a small to do list for those dreadful drawers can help us feel better, and lets remember: one task at a time…

6. Sleep early
Studies have shown that not having enough sleep can also cause weight gain. During the holidays going to bed early as much as possible and keeping a healthy sleeping and eating pattern can help with having fun and peaceful times. No one wants a sleep deprived grouchy Christmas person hosting or being a guest.

After all, like anything else, holidays is about to have and find the balance that keeps us happy!
Enjoy and be present in the moment always!
Cheers!
Nilay Ertemur
Nilay Ertemur

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Fall celebrations like Halloween and Harvest Day are fun times for children, who can dress up in costumes, enjoy parties, and eat yummy treats. These celebrations also provide a chance to give out healthy snacks, get physical activity, and focus on safety.

Check out these tips to help make the festivities fun and safe for trick-or-treaters and party guests.

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Here are some back to school tips for parents preparing their little ones:

1. If you are planning to shop for children, perhaps hit the Internet and look online for deals before you head out to the brick and motar stores. Check out sites like RetailMeNot for coupons, etc. For example you can save 30% off Old Navy and also when shopping online, choose retailers that offer such deals as free shipping, promo codes and discounts. (Note: Your kids do not need 10 outfits, just buy what you need. Figure out what they’ve outgrown, then determine what they need to fill in those gaps.)

2. Look for student discount – Some stores do offer discounts exclusively to students. Get a refurbished product – Bestbuy and Futureshop both sell refurbish laptops, sometimes one could save up to $100+ dollars for refurbished electronics.

3. Organize your home, especially where children spend their time mostly, a chaotic looking house won’t give peace to anybody including your children and their learning process might get affected negatively. Involve them in organizing their rooms, closets, toys, etc.

4. Go through the supplies you have left over from last year, and if there is enough perhaps even wait till first day of school when the supply list arrives and purchase accordingly.

5. If there is an open house at school, take your kids for a tour, get your children familiarized with the school again, to see their teachers and perhaps meet some new students during open house. If this is their first time to school, get them to meet their teacher, learn where their classroom will be and have your children play at the playground.

6. If your child will be taking the school bus, show them where the stop will be, walk with them to the bus stop and teach them the basics of looking for cars before crossing the road.

7. Practice your routine – A week or two before school starts, re-establish the bedtime and mealtime routines, and get into habit of waking up early with the kids. Try to send your children to bed early, they may have gotten out of routine due to the summer holidays. Starting to re-establish the habit/routine before school starts will eliminate some of the anxiety of back to school. Talk with them about how they feel about going back to school. Address any concerns and monitor from the beginning of school year.

8. Help your kids to get their backpack ready, make it a fun activity for them, let them have input on what type of lunch bags and healthy snacks they may like to take to school and what types/colour of stationary to take to school. Telling them to organize their bags when they arrive at home or after dinner will make it habitual for the next day. Planning lunches weekly is a great idea…

9. Designate a good spot for your children to do their homework , a designated spot will help children to be encouraged to study when they come home, having them close by the kitchen would help you monitor, supervise and help them with their homework.

10. Make your lunches a night before, so that you won’t be rushing through the breakfast to make the lunches for your little ones. When one is rushed, this is the time we get lazy and just substitute unhealthy food choices for children. It is best to be organized and even have your children help you to make their lunches for school the night before. Involving children will give them a sense of responsibility and accomplishment.

Have a wonderful school year with lots of good memories and enjoy the last weeks of summer to the last drop!

Author: Nilay Ertemur

 

 

 

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Summer is upon us after that very harsh winter we went through in Ottawa. During summer, many of us plan to take our holidays/camping, especially when kids are off school. Even work tends to expect us to take some time off during summer.

One thing not to forget when you are on holidays or camping trips is to protect your home from house burglary. Here are some quick tips that may help in preventing one from being a home burglary victim.

1. The number one rule is to make sure that you appear to be at home.

– Get a auto timer to turn your lights/radio/tv on/off for you during certain hours of the day especially during evening. A moderate noise of the tv/radio helps to deter burglars again through a timer.

2. Have your mail to be held in the post office

Canada Post offers a service that holds mail for you while you are away.
– Alternatively, have a neighbour/friend who could pick up any flyers or junk mail for you, you don’t want those to pile up at your doorsteps, since it will definitely signal to a burglar that there is no occupant in the house.

3. Hire or find a neighbor who can take care of your lawn

– Sometimes overseas trips tend to be longer and during that time your grass will grow longer and you would want someone to take care of it while you are gone. Just like the snow removal during winter, having a cared lawn also shows that someone is taking care of the house and is being occupied which will deter burglars.

4. Close your windows, and leave curtains or binds in normal position

– Remember to close all your windows, you do not want that summer rain/thunder storm to pour into one of your rooms, or worst give a burglar an easy access to climb in. Close all the windows before you leave, remove any expensive belongings that may be near a window, so that if anyone peeks into the house, they wont be able to see any valuable items. Slightly close your curtains or leave them as you normally would, a closed curtain for 3 weeks may also send the wrong message but never leave the curtains wide open for anyone to peek into the house either.

5. Have a neighbor or friends to look over for you house while you are gone

– Leave your contact information with your friend/neighbour or someone you trust and tell them when you are planning to be back from your holidays so that during the time you are away they will keep an eye out for any odd activity around your house.

6. Never post on social media/Facebook about your upcoming trip or during your trip

– These days many are using social media, and you never know a friend of a friend of a friend may not be up to any good, or even if your security settings are set to only friends on Facebook, someone can or may find out that you wont be at home during an extended period of time. Therefore its a good idea to post/share your holiday pictures after your trip. Yes, it takes some discipline 🙂

7. Install alarm monitoring at home

– Use a professional alarm monitoring company, in case of an entry, they will be asked to enter a code and if they can not, the system will contact the police, but also remember to give the company the right contact information or how to get a hold of you if they need to during your holidays.

Hopefully these tips will help to protect your home and possessions, during your extended or short holidays, and last but not least, enjoy your trip, make the most and best memories!

Author: Nilay Ertemur

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