Can I cancel my mortgage life insurance? It’s too costly + MORE Jan 26th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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With the arrival of the new year came the official start of OSFI’s new mortgage regulations. And the latest national home sales data suggests a significant number of Canadian homebuyers snuck in just under the wire and purchased homes before the new stress test rules took effect. This isn’t the only example of government policy […]

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Can I cancel my mortgage life insurance? It’s too costly
Q: My daughter and her husband did not earn enough, so my wife and I decided that we would help them by putting her name on the mortgage for the purchase of a new-build condo in Hamilton, Ontario. We opted to go with RBC and the mortgage was approved at a rate of 2.65%. In order to get the mortgage, however, my wife, who is currently 64-years-old, my daughter and I had to agree to purchase mortgage life insurance. We pay around $315 per month each, for a total monthly payment of $945. This is in addition to the monthly mortgage payment of $1,485. My question is whether or not this mortgage life insurance is mandatory or can I cancel it?
—Masood K.
A: Masood, first, let me congratulate you and your family. Getting into the housing market can be tough for younger adults and it’s nice to know that you were willing to help your daughter and her husband out. Plus, Hamilton, Ontario is a growing city and it appears poised for growth over the next decade.
Now, in relation to your question if the mortgage life insurance is mandatory…

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