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My Rates

6 Months 3.34%
1 Year 3.04%
2 Years 2.89%
3 Years 2.74%
4 Years 2.74%
5 Years 2.44%
7 Years 3.39%
10 Years 3.64%
6 Months Open 5.75%
1 Year Open 4.45%
*Rates subject to change and OAC
AGENT LICENSE ID
MW-1111320
BROKERAGE LICENSE ID
MW111229
Michelle Lapierre Mortgage Associate

Michelle Lapierre

Mortgage Associate


Phone:
Address:
213, 4935 55 Ave. NW, Edmonton, Alberta

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Home ownership is one of the most important and complex decisions you will ever make.  The key to making the right decision is to fully understand your financing options.  My role is to be your unbiased and expert advisor.  I will provide you with access to the best mortgage solutions in the industry.  This means the most competitive rates and terms that fit your specific needs and long term goals. 

 

My services are free and can provide you with a positive, stress free experience so you can focus on the bigger picture - finding your dream home and achieving financial security.

 

Let's start the conversation today!

Thinking about purchasing a home?  Is your mortgage renewal coming up?  Need to refinance?  I can find a solution for you.


BLOG / NEWS Updates

Reverse Mortgages - The Most Misunderstood Mortgage Product - What Is It Used For?

In my last blog I wrote about reverse mortgages and the many myths around this mortgage product. This outlines the most common uses for them. I am taking the time to highlight it because, while it is not a product for everyone, it is so misunderstood that it is often overlooked in situations where it may be the perfect solution. The reality is that more and more older Canadians are struggling financially. And even if their extended family is aware of these financial struggles, they are not always in a position to help. But, when you own your home, there are options. What Is A Reverse Mortgage? A reverse mortgage is a way for Canadian howeowners 55 or older to access up to 55% of the value of their home without the standard credit or income qualifying requirements. The amount of equity you can pull out is dependent on your age, property type, and property location. It is a loan secured against the value of the home, but unlike a traditional home equity line of credit or conventional mortgage, there are no monthly mortgage payments for as long as you live in your home. The interest owing is added to the loan amount and paid out when you sell or move out. Reverse Mortgage Uses Health Care and Support Costs Assisted-living facilities are very expensive so many people choose to stay in their homes as long as possible, paying for the additional health care and supports they need to manage. These can easily exceed pension income and other family members may not be in a position to assist, or individuals would prefer to remain independent from family help. So rather than moving, reverse mortgages can be structured to pull a monthly income from the equity in a home to pay for the supports needed to stay there longer. Home Maintenance, Retrofitting, and Special Assessments Many mature Canadians can manage their daily cost of living on fixed incomes, but the unexpected larger costs can be difficult to handle. Large maintenance items such as replacing a roof or furnace, retrofitting to make a home more suitable to physical limitations, and special assessments for those living in condominiums can overwhelm a fixed income. A reverse mortgage can be used to pull out lump sum amounts to manage large, unexpected home ownership costs. Grey Divorce In the event of a divorce or separation in retirement, the matrimonial home often needs to be sold or one party paid out. Under new, tougher mortgage requirements it can be difficult to qualify for a traditional mortgage while on a much smaller retirement income. Clients often do not want to cash RRSPs or investments that will be their future retirement income, so a reverse mortgage can be used to purchase a new property or to pay out the other spouse for their portion of the equity instead of cashing out investments, paying cash for the property, and then struggling without the investment income in future years. Consolidate Debts If debt becomes a problem in your golden years, it can be overwhelming with no access to traditional mortgages. The alternative that many older Canadians end up with is a private mortgage solution. These are at very high rates, high fees, and they still have a monthly payment requirement which usually ends up creating a new cash flow problem. A reverse mortgage can be used for those with poor credit and debts but with far lower costs. The unique feature of being payment-free also can solve the cashflow problem that created the debt situation in the first place. Income Supplement In the later years when RRSPs and other investments are running out, a reverse mortgage can be set up to create a monthly income payment to you from the equity of the home. Roughly a quarter of reverse mortgage clients are using reverse mortgage funds to supplement their income where their retirement savings have fallen short. Gift A reverse mortgage is becoming a popular solution to provide an early inheritance for children and grandchildren that can help them purchase a home or pay for education. By gifting in life, they can benefit from seeing the impact of their inheritance. Purchase Another Property Second homes, such as a vacation property in an international location or a cabin, can be difficult to finance. Reverse mortgages can be used on their primary residence to make that purchase. Contact me if you have more questions or would like to explore whether a reverse mortgage may be a fit for you or a loved one.

Reverse Mortgages - The Most Misunderstood Mortgage Product - Forget What You Think You Know

If you are retired or have aging parents, you need to read this newsletter. Before I became a Broker, I flinched at the term reverse mortgage. Like so many Canadians, much of what I knew about them came from US news and advertisements. These products in the US are completely different than here. In Canada, reverse mortgages are governed far more tightly. In fact, only two banks offer them in Canada and the industry leader has been selling them for over 30 years. The more I have learned about reverse mortgages, the more I see them as a key tool for some seniors and their families. Lets break down some of the most commonly held misconceptions. In my January newsletter I will break out how these mortgages can be used to help mature Canadians stay in their home longer, maintain financial independence, and meet other personal goals. What Is A Reverse Mortgage? A reverse mortgage is a way for Canadian howeowners 55 or older to access up to 55% of the value of their home without the standard credit or income qualifying requirements. The amount of equity you can pull out is dependent on your age, property type, and property location. It is a loan secured against the value of the home, but unlike a traditional home equity line of credit or conventional mortgage, there are no monthly mortgage payments for as long as you live in your home. The interest owing is added to the loan amount and paid out when you sell or move out. Reverse Mortgage Myths MYTH #1 - I will lose ownership of my home. Just like any other mortgage, the home is used to secure the loan. The mortgage lender is registered as a standard charge on the title in first position. The homeowner maintains title ownership and control of their home. MYTH #2 - I will owe more money than the house is worth. 99% of clients have equity remaining in the home after the loan is repaid. In the rare event that the home depreciates in value and the loan amount due is more than the sale amount of the property, the lender would cover the difference between the sale price and the loan amount. It is a non-recourse loan. You would never be forced to sell if the amount owing exceeded the value or asked to pay the difference. MYTH #3 - The bank can force me to sell or can foreclose at any time. A reverse mortgage is a lifetime product, and as long as the property taxes and insurance are in good standing, the property remains in good condition, and the homeowner is still living in the home, the loan will not be called even if the house decreases in value. MYTH #4 - Surviving spouses are stuck paying the loan after the homeowner passes away. If a homeowner passes away, as long as their surviving spouse is on title to the property, they can choose to remain in the home without having to make a repayment. The loan is due when both applicants move out or the property is sold. MYTH #5 - I cant get a reverse mortgage if I already have an existing mortgage. A reverse mortgage can be used for a purchase, for debt consolidation, to pull equity out in a lump sum or in the form of a tax-free monthly income, or to restructure a current mortgage to eliminate monthly payments. MYTH #6 - Reverse Mortgages are very expensive with high rates so they should only be used as a last resort. The rates offered are generally more favourable than alternative lenders rates, as well as those on second mortgages or unsecured loans. They are generally priced slightly higher than a HELOC (Home Equity Line of Credit). But they also have the added benefit of no required monthly payment. This can be a key feature for those trying to live on a fixed pension income or stretch out retirement savings, and well worth the slightly higher rate. Contact me if you have more questions or would like to explore whether a reverse mortgage may be a fit for you or a loved one.

MY LENDERS

TD Bank Scotia Bank Attain Mortgage First National MCAP B2B Bank
Home Trust Merix Equitable Bank Street Capital CMLS Fisgard Capital
ICICI Bank Optimum  RMG Mortgages Bridgewater Marathon Mortgages