How does a reverse mortgage work in Canada? + MORE Aug 29th

The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?

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How does a reverse mortgage work in Canada?

– moneysense.ca

More than ever, Canadians are relying on reverse mortgages—a “don’t-pay-till-you-die” option to borrow up to 55% of the appraised value of your home—and the trend is turning conventional wisdom about debt and retirement on its head. While past generations fought hard to avoid debt in their golden years, data from the Office of the Superintendent of Financial Institutions (OSFI)—the federal government agency that supervises and regulates banks, insurance companies, and trust and loan companies—confirms that reverse mortgages are on the rise in Canada, with over $8.2 billion in reverse mortgage debt outstanding at the end of June 2024 (the most recent data available at press time). That’s 18.3% higher than the same month last year, and 39.3% higher than two years ago.

If you’re considering a reverse mortgage as a way to fund or boost your retirement income, there’s a lot to consider. This explainer will take you through the ins and outs of reverse mortgages.

How does a reverse mortgage work?

While a conventional mortgage advances you funds in order to buy a house, a reverse mortgage is just the opposite: It advances you funds from the house you already own…

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Canadian banks earnings reports

– moneysense.ca

Big Bank earnings reports highlights
The third-quarter results are in.

National Bank of Canada (NA/TSX): Earnings per share of $2.68, and revenues of $3 billion.

Royal Bank of Canada (RY/TSX): Earnings per share of $3.09, and revenues of $14.63 billion.

Bank of Montreal (BMO/TSX): Earnings per share of $2.64, and revenues of $8.19 billion.

Scotiabank (BNS/TSX): Earnings per share of $1.41, and revenues of $8.36 billion.

Toronto-Dominion Bank (TD/TSX): Earnings per share of $2.05, and revenues of $14.24 billion.

CIBC (CM/TSX): Earnings per share of $1.82, and revenues of $6.60 billion.

National Bank reports $1.03B Q3 profit, up from $830M a year ago

National Bank of Canada reported a third-quarter profit of $1.03 billion, up from $830 million a year ago, helped by strength across its operations. The Montreal-based bank said Wednesday its net income amounted to $2.89 per diluted share for the quarter ended July 31, up from $2.33 per diluted share a year earlier…

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Not sure what the best bank rates in Canada are? Be sure to get the best rates possible – Visit our Canadian Banks for details.

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