Reverse Mortgages

What is every Canadian family’s dream? To pay off their mortgage and be debt free. Unfortunately the trends are flying in the face of this logic as more and more Canadians are accessing their equity in retirement through reverse mortgages. For better or worse, this mortgage product is here to stay and needs to be
The month of May saw more ultra lows in fixed interest mortgage rates while the Bank of Canada’s qualifying rate has remained steady at 4.64%. The prime lending rate dropped in January for the first time in five years – this will lower interest rates on variable mortgages and home equity lines of credit. Here
Woah! That’s what a surprising amount of Barrie residents are saying when they hear from the bank that the mortgage for their home purchase is in jeopardy! Another common scenario is when you applied for a loan and get the decline – total shock! You were always able to get it in the past. What
It can be argued back and forth about what the best feeling is in the world. A common favorite though is  – relief. The dictionary defines relief as – a pleasant and relaxed feeling that someone has when something unpleasant stops. This is also a very common feeling for my clients when we successfully restructure
If only life could be like the movies of our youth. Mom and Dad never fight and the conversations around the dinner table are about weekend plans instead of unpaid bills. Alas reality can be far from rosy. The details of your dinner time conversations are your own however they can be improved in short
I know, I know – interest only loans are dangerous to the Canadian public. Or so we have been led to believe by the government and mainstream media and there are concerns that are legitimate. However would you be surprised to learn that there are many cases where a short term interest only loan was
We live in a world where borrowing results are hard to find through traditional channels. Banks cause delays through multi-layered department bureaucracy that leaves you with a decline to your loan after weeks of waiting. There is an alternative and here at Mortgage Truth we are your answer when you need a quick private money
It’s a different day than the one our parents grew up in. Back then their loan or mortgage was provided based on a good job and the relationship with their local bank. Not any more. Today we are subject to a process where our use of credit is weighed in quite heavily toward the interest
Your credit sucks with a capital S! There are no ifs, ands, or buts on this point. Life has kicked you around and left you with bruises of the credit kind and it hurts. All of a sudden you seem to hear radio ads galore tempting with an easy out – a “quick” and “easy”
We all hate debt! But the fact of the matter is that Canadians are more indebted than ever in our history. So we all know that the debt problem isn’t going away any time soon. The real question is what am I going to do about it? We have been overwhelmed with advertisements for mortgages
The world of mortgages has never been more complicated as it is today. New rules, collateral charges, and information overload via the internet has made things ever more difficult for the layman. As much as the age of access to information has empowered us to a new level – there has also never been more
The US financial crisis has given the term “Subprime” a bad name. The truth of the matter is that this is an institutional loan for those who don’t qualify for the bank’s best mortgage products. This covers everyone from self employed business owners who don’t desire to disclose all of their intimate details – to
So you are browsing the web for a good Debt Consolidation Calculator but you feel lost in the financial complexity of it all. I understand where you are coming from. The answers provided from entering a few numbers seem promising. Then you actually reach out to the bank and not is all that it seemed
The month of July had a spike in yields in the bond market which sent fixed mortgage rates higher while another hold in the Bank of Canada’s overnight lending rate was announced keeping variable and home equity lines of credit unchanged. Here is what you need to know for your best August mortgage today: Bank
You are searching for the best darn – lowest rate mortgage available and don’t care if you have to get every bank to beat each other to death with a club to achieve it. Good – that’s right good. Welcome to the minority of Canadian mortgage holders who actually force the banks to compete for
The month of June has revealed a holding pattern in the Bank of Canada’s overnight lending rate and pressure in the bond market has already caused fixed mortgage interest rates to spike upwards. Here is what you need to know for your best July mortgage today: Bank Of Canada Rates Qualifying Rate: 5.14%                 Prime Rate:
I get a lot of phone calls these days. They go something like this: “What is your best interest rate for a five year fixed mortgage?” Sounds like a valid question. And yet there is so much more than meets the eye. Although the interest rate you secure for your mortgage is important – I
Would you be surprised to learn that a private mortgage can be a great benefit to a mortgage borrower? I am not even just talking about the monthly improvement in cashflow from consolidating higher interest debts. There are powerful reasons to consider the role of a private mortgage as a tool in your borrowing options.
We all want to pay off our mortgage early. Like today if possible. Well I will tell you from extensive experience that the bank’s mortgage payment calculator is not going to get you there earlier like they are advertising. Why you may ask? Because they have a good reason to keep you inside the mortgage
There are a few things we Canadians will not do without like our hockey, maple syrup, and a 5 year fixed mortgage? That’s right. Believe it or not, this mortgage product is as Canadian as they come. There is no doubt as 4 out of 5 new mortgages in 2012 were fixed rate and the
Three years in a row has consumer debt reduction been the #1 resolution for Canadians. This according to a poll conducted for CIBC. The fact that there is no positive change here begs the question: What are we doing wrong? If we can’t clarify the reasons – we won’t be able to make the changes
We all want to be mortgage free! Can I get an amen? This is something all Canadians work toward and dream about but few attain. Yet a surprising amount who do find out shortly after that life’s goals don’t stop on mortgage freedom day and then lifestyle and travel or renovation plans require borrowing again.
What is every Canadian family’s dream? To pay off their mortgage and be debt free. Unfortunately the trends are flying in the face of this logic as more and more Canadians are accessing their equity in retirement through reverse mortgages. For better or worse, this mortgage product is here to stay and needs to be