Reverse mortgages are continuing to grow as a retirement solution for Canadians 55+. Homeowners 55+ are unlocking their home equity for tax-free funds that improve their cashflow and pay-off higher interest loans. Consider your own financial needs. Do any of these 5 common scenarios sound familiar?
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Since the inception of mortgage rule changes introduced by the Federal Liberals in 2017, there’s been a reversal in the consumer market place for mortgage shoppers. The once stable, income earner with their a home of their and a strong equity position now find themselves disadvantaged when compared with the preferred mortgage rates and Stress Test treatment by afforded to borrowers in need of a high ratio (insured) mortgage, typically first-time home buyers with less than a 20 percent down payment.
“Is my mortgage portable?” The answer is probably yes.
“Is it easy to port my mortgage?” The answer is probably not.
The July 2019 issue of my monthly mortgage newsletter is now available online!
This month’s edition offers 5 tips to affording a home, including the importance of a home inspection. I would love to hear from you if you have any questions or feedback.