While Tom has pointed out that reverse mortgages are controversial, they are becoming increasingly popular in Canada. It's a plan that gives older Canadians greater financial security. A reverse mortgage is a type of home loan that allows homeowners to convert a part of the equity in their home into cash. ...
Category Archives: Mortgage
Fixed or Variable, Why Not Both?
For many Canadians it can be difficult deciding whether they should chose the security and predictable payments that fixed rate mortgages offer or go with a variable rate mortgage which typically offer lower interest rate margins and outperform fixed rates about 80% of the time. The decision often divides couples who ...
Avoid The Financial Trap Of A Reverse Mortgage
If you and your spouse are both over 60 and your house is completely paid off, you may have considered getting a reverse mortgage to take advantage of the equity you've built up in your home. A reverse mortgage is a product that allows you to borrow a lump sum amount based on ...
Keep Line Of Credit Or Switch To Fixed Rate Mortgage?
I received a question by email from Judy, who's considering switching her line of credit over to a fixed rate mortgage to lock in the current low rates. I wanted to share it here for two reasons, I'd like to see what other reader's opinions are on this and thought it might help ...
What is CMHC Mortgage Insurance?
The Canada Mortgage Housing Corporation (CMHC) provides mortgage loan insurance to lenders for home buyers with a down payment of less than 20%, to as low as 5%. However, this is not to protect the buyer, it is used to protect the lender. CMHC insurance guarantees the bank or credit union ...
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