Downsizing vs reverse mortgage: which option is right for you? + MORE Feb 3rd

Learn more about Canadian mortgage rates, rules and the latest news – read on!
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Bond Yields Surge, Mortgage Rates Rising in Response + MORE Feb 24th

Canadian bond yields hit their highest level since April in recent days, and a number of lenders have responded by starting to raise some of their mortgage rates. CMLS, MCAP and First National were among the non-bank lenders to increase at least some of their rates, with their broker rates rising 10.... More »

How do mortgage brokers get paid? Feb 18th

Q. Is it typical to pay a mortgage broker fee in advance, and before closing? My broker is saying that I have to pay cash one week before closing, and that he will pay other persons who are involved. I am confused as to why brokers payment in advance and in cash. –Adil A. A mortgage broker can obt.... More »

Latest in Mortgage News: BoC Sees Early Signs of Housing Overheating, but Will Keep Rates Low for Now Feb 27th

Fixed rates may be heading higher, but variable-rate holders can rest assured their rates won’t be going up just yet, at least according to Bank of Canada Governor Tiff Macklem. During a speech on Canada’s labour market, Macklem said monetary policy will need to continue to provide stimu.... More »
For many Canadians approaching retirement, their home is by far their largest asset. With detached homes in major cities selling for well above $1 million, it’s not surprising that owners expect to tap into that equity to help fund their golden years, prompting the common refrain: “My home is my retirement fund.” 
To make this strategy work, homeowners have a couple of options: 

sell your home, buy one that’s cheaper and pocket the difference (also known as downsizing); 
or, if homeowners are 55 years and older, take out a reverse mortgage, which provides up to 55% of the market value of a primary residence, tax-free. 

Although a reverse mortgage charges monthly interest on the amount borrowed, you don’t have to make any payments—neither interest nor principal—until you sell the house, move out of your house, default on the loan or the last homeowner dies. 
Each approach has its advantages and disadvantages. Here are some of the factors that you should consider before deciding which one is best for you…

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While Canada’s economy recorded its largest-ever annual drop of 5.1% last year, it’s also on track to post a comeback in Q4, which could force the Bank of Canada’s hand in reining inflation in sooner than anticipated. “That carries potentially strong policy implications for the Bank of Canada that is increasingly looking as if it over-committed itself to keeping rates on hold until 2023,” wrote Scotiabank economist Derek Holt in a recent research note. While GDP data isn’t out for […]

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