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
The $90-million lesson: Why relationships, not tech, drive mortgage success + MORE Mar 19th
A lender friend of mine, Shane Lapointe, retired last week and I could not be happier for him. Forty-nine years in the industry, 36 of them in the brokering space. I can only imagine the rule changes and lender switch-ups that he has seen since 1989. .... More »
Not all rate hikes are created equal + MORE Nov 18th
(Getty Images / Nigel Carse)
Shopping for a mortgage, these days, is a lot like shooting those tin ducks at the carnival.
The game looks easy enough. Just aim, focus on the duck you want, then squeeze the trigger and…miss. Getting a locked-in, guaranteed, pre-approval rate also looks easy; tur.... More »
Q4 Earnings Mortgage Morsels: Scotiabank & RBC + MORE Dec 5th
A reduction in provisions set aside for potential credit losses boosted fourth-quarter earnings results for both Scotiabank and RBC this week..... More »
Stress Test Causing National Housing Slump: CREA May 21st
The Canadian Real Estate Association (CREA) blames the mortgage stress test introduced in January for slow activity across the nation in April. The housing market has cooled in all respects from April of last year, when the market peaked: the average sale price declined by 11.3 per cent to $495,000,.... More »
Mortgage Digest: Younger homeowners lead the way in paying down mortgage debt Jan 26th
Younger Canadians are outpacing older demographics in reducing their mortgage debt, new research from Statistic Canada has found..... 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…
