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Downtown Vernon Treat Trail

In the Community


Pictured above: Kristen Strilchuk (Articling Student) and Mikaela Bischke (Junior Legal Assistant). 
 Annually Nixon Wenger participates in the Downtown Vernon Treat Trail, where over 200 kids usually visit our office as they make their to various businesses downtown. We always have such a blast seeing everyone dressed up! See you next year! 

October 31, 2017
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Rear End in City Traffic Results in Settlement for Husband and Wife

Personal Injury, Decisions and Settlements

A husband and wife from Kelowna retained Michael Yawney QC to represent them after they were rear ended in City traffic, stopped at a light. Both suffered soft tissue injuries that required significant physiotherapy and massage, as well as pain medications. Their claims were settled collectively for over $175,000.00 plus costs and disbursements.

October 30, 2017
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Little Black Dress Party

In the Community


Nixon Wenger LLP was proud to sponsor and attend the 5th Annual Little Black Party hosted by the Vernon Women’s Transition House Society. 
This event raises funds that stay within the Vernon community, and provides support to the much needed programs that assist local women and children. 
For more information about the Vernon Women’s Transition House, visit their website here. 

October 26, 2017
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Claim Settles at Mediation for over $700,000.00

Personal Injury, Decisions and Settlements

Michael Yawney QC was retained by a young lady from Kelowna who was involved in two separate accidents a few years apart. Her injuries included a mild traumatic brain injury that healed over time, as well as debilitating headaches, neck and back pain, and psychological injury (PTSD). The injuries affected her ability to pursue post secondary education and forced her to change her career plans. Mr. Yawney was able to resolve her claim at mediation for over $700,000.00 plus costs and disbursements.

October 17, 2017
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Understanding Reverse Mortgages

Wills and Estates, Blog

Written by John Clark, Associate

As house prices have climbed over the last few years and the baby boomers have begun to retire, an increasing number of people have been looking to reverse mortgages as a way to make use of the equity in their home and increase the size of their pocketbook for retirement. Although reverse mortgages may appear quite promising at first blush, they aren’t necessarily for everyone and it is important to fully understand some the finer points before you sign on the dotted line.
These mortgages differ in a couple of important respects from a traditional mortgage. Firstly, they are available only to those aged 55 and older, and if you have a spouse, both you and your spouse have to meet the age requirement.  Secondly, there are no monthly payments of principal or interest required to pay back the mortgage, and finally, the mortgage only comes due when you die, sell your house, or move out permanently.
One of the more appealing features of a reverse mortgage is that the money advanced by the lender is tax-free, and therefore doesn’t affect entitlement to Old Age Security or the Guaranteed Income Supplement payment. However, bear in mind that if you decide to sell your house or you pass away, the loan plus the interest, will have to be repaid. This can mean less money to count on if you have to sell your house to pay for long term care, or, if you pass away, less money left in your estate to leave to your loved ones.
Further, while the benefit of no monthly payments is appealing, the downside of not making payments is that the interest accrued is added to the balance of the loan, meaning the mortgage grows over time, leaving you with less equity in your home. It’s also worth noting that the interest rates on reverse mortgages are higher than those on conventional mortgages, making these loans more expensive.
However, this isn’t to say that a reverse mortgage is never the solution. For those who cannot bear the thought of leaving their homes, paying a little more to ensure that they never have to move during their lifetime can be worth the added cost (even if it may be more expensive than the alternative of selling and downsizing). For those who are a little more risk tolerant, they can also be a way to cash in on the appreciation of their home’s value without having to go through the hassle of selling, allowing an individual to take advantage of their home’s equity at the peak of the market, and hedge against a drop in real estate values.

Like all types of loans, it pays to understand the fine print. Before making any decisions, a chat with your lawyer and your financial advisor about the options available in your specific situation will be time well spent.    

October 5, 2017
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