Home / Mortgages / Should I sell and rent or get a reverse mortgage? + MORE Jul 7th

Should I sell and rent or get a reverse mortgage? + MORE Jul 7th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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CIBC sees “no areas of concern” as 100,000 mortgage clients renewed at higher rates so far this year + MORE Sep 14th

CIBC reports that its mortgage clients are so far managing to absorb the payment shocks as their mortgages come up for renewal at higher rates..... More »
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Mortgage debt rising fastest among Canadians nearing retirement, data show Apr 27th

Older homeowners are increasingly leveraging equity to help younger buyers, raising long-term financial risks as retirement approaches.... More »

13,000 CIBC mortgage clients have come out of negative amortization Dec 19th

Over the past three months, roughly 13,000 CIBC clients have taken action to bring their mortgages out of negative amortization..... More »
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Scotiabank says variable-rate mortgage clients “showing signs of stress” + MORE May 30th

Scotiabank says high interest rates are increasingly weighing on consumers, resulting in a credit deterioration among its variable-rate mortgage customers..... More »

CMLS introduces Aveo Flex 40, Canada’s newest 40-year mortgage + MORE Jan 29th

After its recent acquisition by Nesto, CMLS Group is signalling to brokers that they’re ready to do business, introducing a new partnership program and a 40-year amortization mortgage product..... More »
Record-low interest rates drove mortgage debt 9% higher on an annual basis in 2021, its fastest pace since 2008.

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The odds of the Bank of Canada joining the “75-bps club” grew on Monday following the release of two Bank surveys that show inflation expectations on the rise.

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I’m an 82-year-old widowed woman, and my savings are depleting fast. I feel privileged, as I have the luxury of owning my own two-bedroom, one-bathroom condo.

I have two options: to selI and rent a one-bedroom apartment, probably starting at $2,000 a month, or staying in my home and getting a reverse mortgage. Do you recommend reverse mortgages in spite of high interest? I wouldn’t be eligible for a HELOC as I have no income, other than my pension and what I take out of my RRIF. 

Most people recoil at the idea of a reverse mortgage. I have been searching for independent advice on this subject, but most advisers have a vested interest in selling me something, i.e. the bank, mortgage brokers, etc. 

–Laurie

Why retirees might consider a reverse mortgage

I’m sorry to hear you are struggling with this decision, Laurie. I can imagine it is stressful. I will try to walk through the considerations of selling versus a reverse mortgage. 

As an 82-year-old woman, you have a 50% probability of living another 10 years…

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