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What You need to Know about a Reverse Mortgage for Seniors
If you are a homeowner or aspiring to be one in the coming months, then the term mortgage may not be a new concept to you. It is a form of a loan that is mainly issued to either buy or construct a home whose ownership entirely passes to you after you have paid to your last installment. A reversed mortgage in Canada is no different, only that it comes with some exceptions that make it somehow different. Some of these exceptions include no monthly installments which mean that no credit or income/debt requirements, only accessible to seniors ( 55 years and above) and the borrowers ability to settle the loan are not a primary concern. Lets take a closer look at the requirement of a Reverse Mortgage and emphasize on what you ought to know.
Monthly repayment of mortgage: The Canadian law on a reverse mortgage is very clear, no monthly payments of the mortgage. Nobody should mislead you out there, not even the internet that most people trust to give them perfect information. Note that in Canada, we deal with reverse mortgage differently from other countries. Therefore, if you have to do any research or seek clarification on the same, ensure you base your findings within the Canadian context to avoid getting the wrong information. Unlike other forms of mortgage, with a conventional mortgage on your home, the borrower owes more that he initially borrowed as the interest is added back to the outstanding amount. If you are willing, you have the option of paying some or all interest once in a year; although it is not a MUST.
What makes reverse mortgages attractive is its flexible requirement. Where else will you find a mortgage that allows you to hold it for 5 to even 25 years without any monthly installments? The good thing about such terms is that in as far as the reverse mortgage in Canada loan accrues over time, the value of the house in Canada also tends to increase with time which gives you a win-win situation.
Apart from that, we all know that the Canadian money market is subjected to a lot fluctuation in interest rates which may end causing the borrower to spend more than the fair market value of the common loans but not with Canada reverse mortgage. Therefore, as a senior, you dont have to worry about your debt exceeding the fair market value in future due to such external factors which are very normal.
Finally, reverse loan mortgage in Canada is only given by one institution in Canada which means that there will be no need for the rate on shopping. However, note that unlike in regular mortgage, the rate in reverse mortgage is slightly higher due to the long duration involved.
Canadian home sales edge higher in March 2019
Home sales via Canadian MLS Systems edged up 0.9% in March 2019 following a sharp drop in February, leaving activity near some of the lowest levels recorded in the last six years.
There was an even split between the number of markets where sales rose from the previous month and those where they waned. Among Canadas larger cities, activity improved in Victoria, the Greater Toronto Area (GTA), Oakville-Milton and Ottawa, whereas it declined in Greater Vancouver, Edmonton, Regina, Saskatoon, London and St. Thomas, Sudbury and Quebec City.
Actual (not seasonally adjusted) sales activity fell 4.6% y-o-y to the weakest level for the month since 2013. It was also almost 12% below the 10-year average for March. That said, in British Columbia, Alberta and Saskatchewan, sales were more than 20% below their 10-year average for the month. By contrast, activity is running well above-average in Quebec and New Brunswick.
It will be some time before policy measures announced in the recent Federal Budget designed to help first-time homebuyers take effect, said Jason Stephen, CREAs President. In the meantime, many prospective homebuyers remain sidelined by the mortgage stress-test to varying degrees depending on where they are looking to buy. All real estate is local, and REALTORS remain your best source for information about sales and listings where you live or might like to in the future, added Stephen.
5 ways to help stop the sniffles this allergy season
(NC) Spring has sprung again and while the warmer weather is definitely a welcome change, the return of itchy eyes and a constantly dripping nose may not be.
Its estimated that 25 per cent of Canadians are affected by seasonal allergies, and depending on what you are allergic to, allergy season may not just affect you in the spring but could also linger right up until the first frost in the fall.
This spring, try to avoid the discomfort by getting to the bottom of what is causing your allergies before they start. Here are five tips to help you get ahead of your symptoms:
Check the pollen forecast: Be on top of this as it can change daily and really affect your symptoms. If youre planning on exercising, go to the gym or exercise inside on warm, windy days.
When you are outside, protect yourself: Wear sunglasses or a hat not only do they look good and block the sun, they also help keep pollen off your body and out of your eyes.
Cover up when being active outside: If you are doing outdoor activities like cutting the lawn or gardening, consider wearing a mask or scarf to cover your nose and mouth.
Protect yourself from pollen: We carry a lot of pollen into the home with us. Wash your bedding more frequently during spring, summer and fall; keep your windows closed and remember your pets can track pollen into the house, too.
Find the right product: Speaking to your local Shoppers Drug Mart pharmacist can be your first line of defense. They can help assess your symptoms and recommend an over-the-counter medication or product. If this isnt enough to kick your symptoms, your pharmacist can write you a prescription for a medication in all provinces excluding British Columbia and Ontario. If your symptoms are more severe, pharmacists in B.C. and Ontario can work with your doctor to make sure you have the right treatment option for you.