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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 mortgage buyout

What the Bank of Canada Rate Increase to 1.5% Means for Canadian Home Owners and Home Buyers + MORE Jul 17th

From personal loans to mortgages, simply put, it’s now more expensive and more difficult for Canadians to borrow money. At the beginning of 2018, new mortgage rules raised the bar for qualification.  Under federal law, all financial institutions are now required to put any new applicants under a.... More »
 loan

Looking to boost Cash Flow? New Flexible Mortgage could be a game-changer! + MORE Aug 1st

There’s a great new flexible interest-only mortgage product that could prove beneficial for a number of borrowers, including first-timers, real estate investors, professionals, seasonal workers and others looking for lower monthly mortgage payments. Designed to help borrowers increase monthly .... More »
 home equity

Report: New Mortgage Stress Test Cutting 18% of Home Buyers Out of the Market Aug 7th

According to a new report by the Mortgage Professionals of Canada (MPC), new stricter mortgage rules are leaving 18 per cent of home buyers out of the market. The MPC report found that while many Canadian home buyers could afford to make monthly payments at the bank’s contract rate, the higher ba.... More »

Bank of Canada raises benchmark interest rate to 1.5%, noting trade tensions - CBC.ca + MORE Jul 11th

CBC.caBank of Canada raises benchmark interest rate to 1.5%, noting trade tensionsCBC.caFor the fourth time in a little over a year, the Bank of Canada has raised its benchmark interest rate, a move that will increase the cost of borrowing for Canadians with variable-rate mortgages and lines of cred.... 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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