The Ultimate Guide to Reverse Mortgages in Canada
Research completed by HomEquity Bank and compiled in “The Home Stretch” states that a review of debt and home ownership among Canadian seniors indicated that 91 percent of Canadians over 65 prefer staying in their home throughout retirement. At the same time however, 78 percent have savings and investments, and only 40 percent of those have less than $100,000 set aside.
In this study by HomEquity Bank using Equifax data, it shows that among Canadian seniors, 15% still carry a mortgage, 30% carry unsecured lines of credit (LOC) and 10% have a home equity line of credit (HELOC).
Is there another option?
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Stressed About the New Mortgage Stress Test?
In Michael Campbell’s November Economic Update, he talks about the good old days when only insured mortgages (those with less than 20% down) were “stress tested.” But all of that changes January 1, 2018, when all mortgages will be “stress tested.”
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OSFI’s Mortgage Stress Test: What You Need to Know
Canada’s banking watchdog, OSFI (Office of the Superintendent of Financial Institutions Canada) announced that there will be a new minimum qualifying rate, or “stress test” for borrowers with a down payment of 20% or more effective January 1, 2018. Buyers will need to prove that they can afford payments based on the greater of the…
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Moving on After Divorce – Breaking up the Mortgage
Till Death Do You Part? Not So Fast! Nobody gets married thinking one day they will end up divorced. You exchanged vows that said “till death do us part” and that meant forever, right? Nope, not always. Sometimes you know it’s coming when you seem to be growing apart or going in different directions, but…
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Why the Lowest Mortgage Rate may not be the Best Mortgage Rate
According to the 2016 Mortgage Consumer Survey, 59% of mortgage consumers cited “best rate” as one of the key reasons they chose to obtain their mortgage through a broker (52% said excellent service was another key reason). What do they mean by “best rate?” Well if they’re not unlike many of the clients I first…
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Equifax Update on Impact of Cyber Security Attack on Canadian Consumers
As you probably know, credit monitoring firm Equifax suffered a massive cyber security attack earlier this year (between May and July) which they went public about on September 7, 2017. They originally reported that the breach had compromised the personal information of 143 million Americans and 100,000 Canadians. Here’s some of the kind of information…
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The “Secret” to Overcoming Household Debt May be Hiding in Plain Sight
There was a time when dad went to work, mom stayed home to raise the kids and they lived comfortably in a nice home and drove a reliable vehicle. They worked hard as a family but lived within their means, and saved for all the special times and things they wanted. But times have changed.…
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Canadian Household Debt is Bad But There’s a Bigger Problem
Oh Canada! Our home and “in debt” land… Canada recently turned another year older – yay we’re 150! – but it appears that we may be lacking some of the wisdom that you would expect to come with age – specifically around household finances. In fact, according to a recent report by the Parliamentary Budget…
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Save Money on Your Next Vacation
Like most of us, you probably love to go on vacation, but hate the expense. Below are six tips that can dramatically cut the cost of your next vacation. Instead of putting so much money toward your travel expenses, you can save it or spend it on something that really matters to you. Check out…
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Which 3 Digit Number is the Most Important in Your Life
When considering your physical health it may be your weight or your cholesterol level. When it comes to gauging your financial health, no figure is more important than your credit score! Unlike your weight, everyone from lenders to landlords to car dealers will know and evaluate that number if you want credit. It is used…
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Suffering from a Case of Property Assessment Sticker Shock?
BC homeowners, particularly those in the Lower Mainland, are experiencing a bit of sticker shock after collecting their mail this week, with many discovering their single family homes have climbed 30 to 50 per cent in assessed values over last year. While the relationship between property assessments and property taxes is for another day, learn…
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Brown-Bagging Your Lunch
When you’re hungry in the middle of the workday, temptation calls and you end up feeding from the snack machine, the drive-thru burger joint around the corner, or the pricey cafeteria. While these stops can work in a pinch when you have nothing prepared, it’s financially unwise to eat out for lunch everyday when you…
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