Liberals promise help for seniors, disabled

Last Updated: Friday, January 6, 2006 | 11:58 AM ET

CBC News

Seniors would be better able to take advantage of the equity in their homes under a Liberal government, Paul Martin said on Friday.

A new program to provide reverse mortgages through the Canada Mortgage and Housing Corp. was part of a package of announcements aimed at seniors and people with disabilities.

"In recent years, reverse mortgages have become an increasingly popular tool for seniors on fixed incomes, a tool that allows them to access a portion of the equity they have in their own homes. However, the fact is that commercial institutions that offer reverse mortgages frequently charge a relatively high rate of interest for their services."

Paul Martin, Friday.

Martin said his party would save seniors thousands of dollars over what's available now by providing insurance for reverse mortgages through the CMHC.

Interest costs would be cut by as much as two per cent over current rates, Martin said.

"Our goal is to bring down interest costs and put more money in the pockets of Canada's seniors," he said.

The Liberals also would provide new support to people who take care of sick or elderly relatives, by expanding existing support programs and by introducing a family leave so Canadians could take up to two months off work to care for family members.

The program would be administered through the Employment Insurance program. Caregivers would receive benefits and their jobs would be protected. The two months could be used up all at once, Martin said, or in increments over the caregiver's working life.

The announcements also included more support for disabled people, including the creation of a registered disability savings program, so families with disabled members could save money tax-free until they need to use it, the same way people currently save for retirement.

Martin held his news conference in Whitby, Ont., where the Conservative candidate is Jim Flaherty, a former senior cabinet minister in the Ontario government.

Martin prefaced his remarks by comparing Conservative Leader Stephen Harper to Flaherty's former boss, Mike Harris. "A decade ago it was Mike Harris; today it's Stephen Harper," Martin said. "It was the wrong way to build a society in 1995; it is still the wrong way to build a society today."

Martin continues to campaign in southern Ontario for the rest of the day Friday.