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Can a non-resident open an investment account in Canada? Sep 19th
I moved to Sweden to study in 2021 and I am no longer considered a resident of Canada (to my understanding). However, I have some money to invest. I am not allowed to contribute to my TFSA which leaves me with contributing to an RRSP or an ISK (Swedish tax efficient account). In short, you pay ~0.40.... More »
Estate planning and trusts for a beneficiary with a disability Dec 28th
I am wondering who I would reach out to for estate planning advice. I have a family member on permanent disability (independent living) and wish to arrange a trust upon my death that would not interfere with his monthly support ceiling of one thousand dollars a month (the current income is approxima.... More »
The best GIC rates in Canada for 2026 Jun 16th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
Making sense of the markets this week: January 14, 2024 Jan 12th
Kyle Prevost, creator of 4 Steps to a Worry-Free Retirement, Canada’s DIY retirement planning course, shares financial headlines and offers context for Canadian investors.
2023 asset returns versus the last 10 years
As we enter the New Year and investing columnists write their prediction col.... More »
Private equity, private debt and more alternative investments: Should you invest? Sep 10th
You may have heard friends or acquaintances talk about investing in private investments, or maybe your financial advisor has recommended them to you. There are valid reasons for all the talk around private investing of late, but also reasons for caution. Read on to learn more about the asset class a.... More »
5 New Jumbo Reverse Mortgage Options For 2020
– investitwisely.com
So you want to know about new jumbo reverse mortgage options for this year, right? Okay, for your honor we will be discussing here the top new 5 versions of jumbo. But before going through those versions, you had better know as a loan what Jumbo is.Well, a jumbo mortgage is one sort of financing. Here the loan amount is higher than the conforming loan limits set by the Federal Housing Finance Agency (FHFA). In finance, a loan becomes jumbo when the amount of the mortgage exceeds the loan-servicing limits.
In other words, the jumbo reverse mortgages are ‘proprietary reverse mortgages’ against your home equity. Private firms do structure and back this. These are designed for homes worth over $900,000.
The 2020 loan limit on the conforming loan is $510,400 for a single-family home in all the states of the US (except Hawaii & Alaska). Here you can pay off debts to qualify, receive all loan proceeds at closing. Also, you can access more money and lower closing costs. This loan amounts up to $4 million!
The 5 New Jumbo Reverse Mortgage Options
Any broker licensed by a private company that structured a proprietary reverse mortgage can offer this…
