The Run Down on Reverse Mortgages: What Are They and Why Do Homeowners Get Them? + MORE Jun 23rd

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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The Latest in Mortgage News – Fallout of High Home Prices Aug 31st

Despite slowing price gains in Vancouver and a moderation in Toronto, average home prices are still notoriously expensive. So how are these prices affecting the lives of residents in these two cities? Thanks to a new comprehensive survey released this week, we finally have some answers: High Home Pr.... More »

Latest in Mortgage News – More Research on Stress Test Impacts May 6th

The stress test continues to be the focus of much research, with new data released recently on the full extent of its impacts on the housing market. We’ve summarized the latest findings, which look at the stress test’s impacts on home sales and prices over the past year, as well as the c.... More »
 home loans

Royal Bank cuts 5-year fixed mortgage rate, others likely to follow suit + MORE Jan 17th

Canada's biggest bank has cut its five-year fixed-term mortgage rate, a move other banks are likely to try to match in short order..... More »
 line of credit

IMF Cautions Against Relaxing Mortgage Rules, Says Market Still Heated in Canada + MORE May 24th

The housing market remains the biggest threat to Canada’s economic health. That is according to a report by the International Monetary Fund (IMF), published this week after an official visit to Canada. They are responding to calls by several real estate boards in Canada to ease the new B-20 stres.... More »
 property mortgage

Locked Out of the Market: How the Mortgage Stress Test Could Be Hurting Homebuyers Mar 12th

It was created with the intention of saving Canadians from becoming over-burdened with their mortgages, but some critics of the Canadian government’s mortgage stress test say it is slamming the door on first-time homebuyers who would otherwise be able to break into the market. In a recent opi.... More »

Interest-Only Makes a Comeback

– canadianmortgagetrends.com

Innovative mortgage products. Remember those? With Ottawa’s onslaught of rule tightening, it’s been a while since we’ve seen a new product that was substantially unique. This is one of them. Merix Financial, the broker channel’s seventh-largest lender by market share, is launching the Interest-Only Flex mortgage on Monday. The IO Flex has one key purpose: […]

Continue Reading On canadianmortgagetrends.com »

The Run Down on Reverse Mortgages: What Are They and Why Do Homeowners 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 homeowners aged 55 years and older to access up to 55 per cent of the value in their home.
Homeowners 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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