Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Challenges and opportunities for mortgage brokers in the current rate cycle + MORE Sep 13th
The current rate environment presents new hurdles for mortgage brokers while also opening up potential growth opportunities for those able to adapt..... More »
Mortgage Marketing: Starting on a Shoestring Budget + MORE Jun 5th
By Jackson Middleton, Special to CMT If you’re just getting started as a mortgage broker, I hope I’m not the first to tell you that this is one tough business. Success doesn’t come easy and it’s a long way to the rainbow’s pot of gold. Successful brokers are very wel.... More »
Mortgage Digest: 5 big banks cut fixed mortgage rates following bond yield drop + MORE Feb 17th
Mortgage providers nationwide have been gradually lowering their fixed mortgage rates, including five of the country's Big 6 banks..... More »
Scotiabank to buy small Dallas bank in mortgage-finance play + MORE May 30th
Scotiabank agreed to acquire Maple Financial Holdings Inc., which owns a small U.S. commercial bank, as the Canadian firm looks to expand its structured-finance business in the American mortgage industry. .... More »
OSFI eyes loan-to-income rules to replace stress test as industry weighs implications Jun 8th
Canada’s banking regulator is weighing a major overhaul to how borrowers qualify for mortgages, one that could have significant implications for banks, brokers and homebuyers alike..... More »
One-on-One With RiverRock MIC CEO Nick Kyprianou
– canadianmortgagetrends.com
As CEO of one of the newest Mortgage Investment Corporations (MICs) on the block, Nick Kyprianou is looking to carve a niche in what’s becoming a crowded market for MICs. The former CEO of Equity Financial Trust and President of Home Trust has an edge, however. He’s got experience that few upstart MIC managers have. Nick plans to leverage […]
Mortgage Career: CFF Bank – Manager Mortgage Underwriting
– canadianmortgagetrends.com
Company: CFF Bank Position: Manager Mortgage Underwriting Years of Experience Required: Minimum 7 years mortgage experience, including 3 years management experience Location of position: Oakville, Ontario Applicants may contact: careers@cffbank.ca Advertise your mortgage job opening today! Click here to post. Or browse CMT’s Mortgage Jobs Database. Manager Mortgage Underwriting CFF Bank is a 100% Canadian […]
Mortgage Career: CanWise Financial – Mortgage Sales Manager/Document Fulfillment Manager
– canadianmortgagetrends.com
Company: Ratehub Inc.’s Brokerage Arm (CanWise Financial) Positions: Mortgage Sales Manager/Document Fulfillment Manager Years of Experience Required: 4+ Location of Positions: Toronto, Ontario Applicants may contact: James Laird, email lairdjames77@gmail.com or phone 416-303-1060 Advertise your mortgage job opening today! Click here to post. Or browse CMT’s Mortgage Jobs Database. Mortgage Sales Manager/Document Fulfillment Manager […]
Mortgage Career: Xeva Mortgage – Sales/Recruitment Manager
– canadianmortgagetrends.com
Company: Xeva Mortgage Position: Sales/Recruitment Manager Years of Experience Required: 3-5 years of mortgage broker and recruitment experience Licences or Registrations Required: No Location of Position: South Surrey, British Columbia Applicants may contact: jobs@xeva.ca Advertise your mortgage job opening today! Click here to post. Or browse CMT’s Mortgage Jobs Database. Sales/Recruitment Manager Position Type: Regular Position […]
Reverse mortgages and other income options
– moneysense.ca
While I personally never expect I’ll need to use a reverse mortgage, the topic keeps coming up. Most recently CBC Lang & O’Leary Exchange host Amanda Lang interviewed MoneySense’s own Bruce Sellery on income generation option. A couple weeks before that, it came up over dinner with a friend.
A reverse mortgage is a loan secured against your house, typically representing up to 50% of its value. As people live longer and house prices rise, it’s becoming an increasingly popular option for seniors who want to stay in their homes while still tapping its equity.
My friend is almost 70, twice divorced, has no heirs and has virtually no savings or employer pensions, except for the government pensions CPP and OAS. These he has already begun to draw from, even though he also continues to work at least part-time. (He’s in sales, so commissions can be sporadic.)
But what he does have, in addition to an average car that’s no longer new, is significant equity in a Toronto townhouse…
A reverse mortgage is a loan secured against your house, typically representing up to 50% of its value. As people live longer and house prices rise, it’s becoming an increasingly popular option for seniors who want to stay in their homes while still tapping its equity.
My friend is almost 70, twice divorced, has no heirs and has virtually no savings or employer pensions, except for the government pensions CPP and OAS. These he has already begun to draw from, even though he also continues to work at least part-time. (He’s in sales, so commissions can be sporadic.)
But what he does have, in addition to an average car that’s no longer new, is significant equity in a Toronto townhouse…
