Is your home at greater risk for “home profiling” by a real estate fraudster?

Did you know that the very attributes of a retirees’ home: mortgage freedom, extended owner absences and renting your home are the same attributes that make your home a target for real estate fraud?

Take the FCT quiz to see if your home is at risk and consider whether to “Retire Your Home.”

FCT’s “Retire Your Home” quiz:

1. Are you mortgage-free?
2. Are you a snowbird?
3. Is your home vacant for extended periods of time?
4. Do you rent?
5. Are you planning to do any of the above in your retirement?
6. Have you been a victim of identity theft? Or are you worried about identity theft?

If you answered “Yes” to any of the above questions, you should consider strategies to securely “Retire Your Home.”

“Retire Your Home” encourages those engaged in retirement planning discussions to think about “what their home is doing during their retirement” – and include title insurance in these discussions.

Our home is a significant part of our retirement plan, yet could so easily have been the target for the fraud.  So we bought an FCT Title Fraud Protection⁺ policy and now we know that our home is secure for our retirement.

Anne Swarbrick,  identity theft victim, Burlington, Ontario        

Retiree’s homes have many of the common traits in ‘home profiling’ by a real estate fraudster. At the same time, those who purchased a home more than 10 years ago are the least likely to be protected by title insurance.

Identity theft is one of the fastest growing crimes in North America and it can happen to anyone. Identity theft and forgery are two ways fraudsters pretend to be homeowners to obtain one or more mortgages on the property and then walk away with the cash.

Fraud is very real. Estimates of real estate fraud range in Canada from $400 million to $1.5 billion annually. On suspicion of fraud, FCT alone declined to insure two mortgages a week in 2013 with an average value of $360,000.

“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. 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,” said Lori Sartor, FCT’s VP Residential Solutions.

FCT has launched “Retire Your Home” to raise awareness about the increased risk of real estate fraud on many of the common traits of a retiree’s home. www.RetireYourHome.ca provides examples, information and tips about retiring your home securely. The best protection against the negative consequences of real estate fraud is title insurance. FCT, Canada’s largest provider of title insurance offers Title Fraud Protection⁺ policies for those interested in the long term security of their home’s retirement.

For more information e-mail us at [email protected] or call 1.877.888.1153 for immediate answers.

Insurance is provided by FCT Insurance Company Ltd.