The Run Down on Reverse Mortgages: What Are They and Why Do Home Owners Get Them? + MORE Jun 17th

Obtaining a mortgage or secured line of credit in Canada at the best rates is often a daunting task. We can help! Read the articles below for more info.
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Q2 2019 Bank Earnings – Mortgage Morsels Jun 26th

Canada’s big banks felt the effects of a sharply slowing economy and cooling housing market in the second quarter. Most reported net income growth in the low-to-mid single digits. Several saw 90+ day delinquencies rise slightly in the quarter, and all of the banks, with the exception of Nation.... More »
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My advice is simple: Over 50? Get a secured line of credit while you can qualify. + MORE Nov 15th

Contrary to media reports about our ‘record personal debt levels’, it’s extremely prudent to ensure you have access to emergency money. The line of credit popularity that took place in the ’90s wasn’t a bad thing. It allowed us to borrow at low rates to invest or spend.... More »

‘Business for self’ clients are on the rise. How do you secure a mortgage for one? + MORE Feb 24th

Roughly 2.9 million Canadians were self-employed in 2018, according to Statistics Canada, and many of them are keen to buy a home..... More »

Q1 Lender Earnings: The Recovery is Underway + MORE May 22nd

Some of the country’s key mortgage lenders unveiled their first-quarter results, which were positive across the board. The lenders were able to take advantage of a hot housing market, alongside improving economic conditions and reduced loss provisions. One highlight was Home Capital addressing.... More »
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CMHC’s Siddall Warns Homeownership “Party” Coming to an End + MORE May 12th

The head of the Canada Mortgage and Housing Corporation (CMHC) gave a candid assessment of the country’s housing market, saying the “party” of homeownership as a sole savings vehicle will come to an end. Evan Siddall made the comments during an interview with BNN Bloomberg’s Aman.... More »
There’s been no shortage of new data pointing to slower home sales and tempered price growth across the country. Most of the blame has been directed at OSFI’s new stress test, which preceded the slowdown when it came into effect on January 1. Here’s a sampling of recent reports on the state of Canada’s real […]

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The Run Down on Reverse Mortgages: What Are They and Why Do Home Owners Get Them?
Although it may seem like a complicated or paradoxical concept, the features that make up a reverse mortgage are rather simple. A reverse mortgage is a home equity product that allows home owners aged 55 years and older to access up to 55 per cent of the value in their home.
Home owners can choose to receive the money from the reverse mortgage via one lump-sum payment, planned advances, or a combination of both options. If there is an existing loan on the property, the debt must first be paid out from the reverse mortgage funds.
One of the core benefits of a reverse mortgage is that, the home owner is not required to make any payments once they have received the funds. It would be prudent, however, to make payments if they don’t want to accumulate interest. Interest is added to the original loan amount, and charged until the loan is paid off in full, but the home owner does have the option to pay off the principal and interest in full at any time. If the home owner dies before repaying the full amount of their loan and interest, their estate is obliged to repay the remaining amount in full…

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