Mortgage brokers explained: What they do, and what they don’t (Part 1) + MORE Nov 12th
Latest in mortgage news: bond yields plunge as U.S. inflation eases + MORE Nov 16th
Rising delinquencies test resilience of Canada’s mid-size lenders Oct 28th
Latest in Mortgage News: Financial experts see less risk of an imminent recession + MORE Apr 27th
Should retirees pay off their mortgages with investments? + MORE Nov 28th
OSFI report reveals largely unknown mortgage exemption: no stress test on insured switches
– canadianmortgagetrends.com
Should you hold your mortgage inside your RRSP?
– moneysense.ca
I currently own a house in Edmonton that is mortgaged, and I’m looking to purchase a property in Vernon, BC, that I will eventually retire to. Until then, I am liking the idea of renting out that property to help support the additional mortgage.
I am wondering if it’s possible to transfer my existing mortgage into my RRSP and access the cash there by reducing the amount of additional mortgage I would need to purchase the Vernon property? Otherwise, is there a way to purchase the Vernon property using my RRSP funds?
–Yvonne
Holding a mortgage inside an RRSP
I am sometimes asked about buying a home to retire to eventually, and renting it out in the meantime. I question the approach because a home you want to live in is not necessarily a good property to rent out to a tenant. A property that is easily rentable to tenants may be close to transit and jobs for example, whereas a property you may want to retire to could be more rural or have different attributes…
