What is a Reverse Mortgage? A reverse mortgage is a loan secured against the value of your home. It is designed exclusively for homeowners aged 55 years and older. It enables you to convert up to 55% of your home's value into tax-free cash. Repayment of the loan is only required once you choose to move sell or the sole homeowner passes. Monthly payments are optional, but you can also choose the no payment option. Reverse mortgages are growing in popularity for a variety of reasons and have increased by over 28% annually. Benefits: • As home values have increased, you can unlock the key to…

When you purchase a home and require mortgage financing, lenders will want to confirm the source of the down payment for a variety of reasons. This is to ensure that there is no hidden loans or monthly obligations that would effect your monthly carrying costs, abide by the anti money laundering act and to also assess your suitability to carry the debt. Here are some things to keep in mind when it comes to down payment sources. Gifted funds must be from an immediate family member (MOTHER,FATHER, SISTER, BROTHER, SIBLING, GRANDPARENT) Minimize transfers between bank accounts Out of country assets must be in Canada…

It is a good idea to budget between 2 - 2.5% of the purchase price when buying a home to cover the closing costs. These costs can include, but are not limited to the following: Land transfer tax Legal fees Appraisal Property Taxes PST on Insurer premium Mortgage Registration Title Insurance Bridge Loan costs if a current home owner  Costs associated with a new build (ensure your lawyer reviews the offer prior to sign off) Special assessments, increasing condo fees and lawsuits It is a good idea to buffer in $ 1,000 to cover misc costs such as property tax credits to the seller.

What are the risks of Condition-Free Offers? Great question. In today's market, buyers are often in multiple offer situations and want to submit a clean offer that has no conditions. This is never advisable, but we do understand that this is a very competitive market. If you have been pre-qualified by a licensed mortgage broker, you may been vetted by one or more lenders, however, the property has NOT been vetted. Below are some issues that could affect a lender’s willingness to lend on a particular property. Please note that this list is not exhaustive. There could be other issues impacting a lender’s decision. • Water damage, leaks…

A mortgage solution specifically designed to help new residents to Canada realize their dream of home ownership. DEFINITION Immigrated in the last 5 years. Must have Permanent Resident status/landed status OR work permit. BORROWER QUALIFICATIONS Must have permanent residency or landed immigrant status or valid work permit. Must have a minimum of 3 months with the same employer. PROPERTY TYPE Owner Occupied purchase only. Maximum 4 units. Maximum 1 unit for temporary residents. AMORTIZATION 25 years. Certain lenders will allow up to 30 years CREDIT REQUIREMENTS AND DOCUMENTATION • Canadian or International credit report; or a letter of reference from the borrower’s financial institution in their country of origin confirming a minimum…