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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 home loans

Life Insurance vs. mortgage insurance: Let’s break it down + MORE Mar 20th

Life insurance can be a necessity for ensuring your loved ones are taken care of after you’re gone. It can help them pay for funeral expenses, the costs of everyday living and much more. But one of life insurance’s main advantages is that it can pay off outstanding debts, including a mortgage. S.... More »

First National saw revenue rise 29% in 2023 despite drop in residential mortgage volumes + MORE Mar 10th

First National wrapped up a "successful" 2023 in spite challenging economic conditions and a drop in residential mortgage originations..... More »
 loan

Romy Bowers Named New CMHC CEO as Outgoing Evan Siddall Addresses Off-the-Mark Forecasts + MORE Mar 5th

The Canada Mortgage and Housing Corporation has named its new CEO, capping what has been an extended search to replace outgoing chief Evan Siddall. Romy Bowers, CMHC’s current Vice President of Client Solutions, will succeed Siddall and officially begin her five-year term starting April 6. .... More »

Latest in Mortgage News: Canada’s Housing Market Not a Bubble…Yet: BMO Feb 15th

Despite concerns about ever-rising home prices, Canada's housing market still doesn't resemble a bubble, at least not yet..... 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…

Continue Reading On moneysense.ca »

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 […]

Continue Reading On canadianmortgagetrends.com »

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