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Chip Mortgage/Reverse Mortgage
We provide financial assistance to the home owners above 55 years of age, where most of the time no one is there to help them and advice them, buy providing them CHIP Mortgage/Reverse Mortgage What is a Chip/Reverse Mortgage? A reverse mortgage is a loan that is designed for homeowners 55 years of age and older. A reverse mortgage is secured by the equity in the home, which is the difference between the value of your home and the unpaid balance of any current mortgage. It allows homeowners to obtain cash without having to sell their home. Reverse Mortgages in Canada I am mortgage adviser at Northwood Mortgage , a licensed mortgage provider comprised of a large team of highly trained mortgage professionals. Their employees have developed an extensive knowledge of the Canadian Mortgage Market based on our exposure to it for the more than 25 years. We are proud to represent quality products like A CHIP Reverse Mortgage, which is a Canadian financial solution that benefits Canadian homeowners. The CHIP Home Income Plan, now called a CHIP Reverse Mortgage, has been available to Canadian homeowners since 1986 and is provided by Home Equity Bank, a Schedule 1 Canadian Bank. Despite the fact that reverse mortgages have been around since 1986, many do not know these key benefits: the bank DOES NOT own your home, credit score and income verification is NOT required, no monthly payments are required as long as you own the home! For more information please contact :
Decline in single-family component moderated by gain in multi-family dwellings
Canadian municipalities issued $8.1 billion worth of building permits in June, up 2.5% from May and the second highest value on record. Higher construction intentions for multi-family dwellings and commercial buildings were mainly responsible for the national increase. All building components reported gains in June, except for single-family dwellings. The value of residential building permits fell 0.9% in June to $5.0 billion, the fourth decrease in five months. The decline was mainly the result of lower construction intentions in four provinces, notably Ontario. In June, the value of permits for single-family dwellings decreased 12.5% to $2.4 billion. Seven provinces registered declines, with Ontario being the main contributor to the decrease. Conversely, construction intentions for multi-family dwellings rose 12.5% in June to $2.7 billion, marking a third consecutive monthly increase. Seven provinces registered gains, led by Ontario and British Columbia. Click here for more information
Is a home equity line of credit right for you?
(NC) Buying a new home is an exciting but often stressful experience. The variety of financing options now offered by lenders is overwhelming. One of the most popular options is a home equity line of credit. With interest rates typically lower than other forms of credit, this line of credit can help you reach your financial goals. However, there are several factors to consider when deciding if this product is right for you. Banks market home equity lines of credit under different names, which might make it challenging to recognize when you are being offered one. They are commonly combined with a regular term mortgage in the form of a readvanceable mortgage. When combined this way, the credit limit on your home equity line of credit will often increase automatically as you pay down the principal on your mortgage. A readvanceable mortgage may also tie together other credit and banking products such as personal loans, credit cards and car loans under a single credit limit. Benefits of bundling these products together include convenience and lower interest rates. But the downsides include fees and restrictions if you want to switch to another lender, and variable interest rates that could increase on short notice. Your financial institution also has the right to demand that you pay the full amount owing at any time. When deciding if this lending product is right for you, remember that your home is likely your biggest investment. You should beware of overborrowing against its equity, especially if youre counting on it to fund your retirement. Most lenders allow you to make interest-only payments on your home equity line of credit, making it easier to delay repaying the principal balance, explains Lucie Tedesco, commissioner of the Financial Consumer Agency of Canada. Continually borrowing against your homes equity without repaying the principal can jeopardize your long-term financial security. For instance, in the event of a housing market correction you might owe more than what your home is worth. Ask yourself if a low interest rate and easy access to credit may encourage you to spend more than you can afford to pay back. You could find yourself in a debt spiral, using additional home equity just to stay current on your mortgage. This could make you more vulnerable to unforeseeable events, like job loss, illness or an interest rate hike. Consider creating your own plan to pay down the principal amount borrowed over a fixed period. Aim to pay more than the minimum payment or interest every month. With a home equity line of credit, there is usually no penalty to pay back as much as you can at any time. Find more information online at canada.ca/money. www.newscanada.com