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The 'Best Friend-Worst Enemy' Reverse Mortgage Quiz

September 16, 2019

Reverse mortgages are not as complex as the decisions that surround these financial and lifestyle wealth management tools. When a reverse mortgage is the right solution, it is the only choice and, therefore, you must consider it your best friend. When other approaches would suffice, a reverse mortgage may be an expensive worst enemy. Here ...

NINE LENDING FACTORS

September 14, 2019

Did you ever wonder what a lender looks at when determining the value of your home? A simple price per square foot doesn't always work. Many factors enter into properly pricing real estate with location being one of the top items. These nine items will give you an idea of how a lender determines the value of a property and how much money the ...

The Top Ten Ways to Prepare for Retirement

August 29, 2019

Planning for retirement, usually a major financial concern for those over age 40, has become even more prevalent now that the huge postwar baby boom generation is moving through middle age. Various surveys indicate that preparing for retirement already ranks as a primary financial goal. A recent survey of mutual fund shareholders showed that ...

10 Tips for Turning a First Home Into an Income Property

August 13, 2019

For the past ten years, Scott McGillivray, a 30-year-old real estate entrepreneur, has made a living by transforming houses into income properties. The 30-year-old currently manages 18 properties with over 100 tenants, and now he's coming to HGTV to help a "house poor" generation create legal income suites and help offset their rising mortgage ...

Mortgage fraud and recessions go hand in hand, police and experts say

August 2, 2019

It’s tough to tackle the problem of mortgage fraud because no one knows exactly how widespread the problem is, police and industry officials say. There are no solid Canadian statistics on the impact of mortgage fraud since losses are shared among banks, credit unions, other mortgage lenders, and lawyers’ indemnity funds, according to industry ...

WHAT ABOUT YOU?

July 11, 2019

It's the unthinkable but losing your home to a disaster can and does happen every day. If you have a mortgage, you are required to have insurance. The mortgage company needs to make sure their investment is properly covered. But what about you? Is your coverage sufficient for your needs? Here are some of your choices: Replacement Cost Insurance ...

Reverse mortgage is not for everyone

July 6, 2019

It's a tempting proposition: after years of writing cheques to the bank to pay off your mortgage, the bank will write a nice big cheque for you. That's the allure of reverse mortgages, which allow anybody 60 or older to borrow money against the value already built up in their home. With the number of 60-year-olds in Canada expected to double in ...

DEFINITION: ABSTRACT OF TITLE

June 28, 2019

Abstract of Title ~ A breakdown or summary of all public records having to do with the value of and the continuation of clear title to your property. Your title company usually has an 'abstractor' examine public documents pertaining to the land, such as liens, easements, mortgages or anything else that might have some effect on its value or ...

APPRAISALS AND INSPECTIONS

June 25, 2019

An appraisal and a home inspection have some similarities. Both services ensure that your property will meet certain, basic criteria. However, they are two distinct functions in a real estate transaction. Let's start with the appraisal. The appraisal assures the market value for the buyer and the lender. It is usually ordered and required by ...

House-poor can easily turn to house-less

June 22, 2019

Our friends made a strategic decision almost three months ago: They went to a five-year fixed-rate mortgage from the floating rate they had been enjoying, one that carried an interest rate of just 1.25%, but had risen to 1.75%. They are now locked in at 3.74%, which is well below the bank posted rate of 6.25% and below the 4.25% floating rate they ...
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