Reverse Mortgages on the Rise

EditorFamilyLending.ca, Financial Tips, General Interest, Household Budget, Life Insurance, Mortgage News, Mortgage Term, Mortgage Types, Residential Mortgages

Aging Canadian’s in need of a financial boost are cashing in record numbers, according to data released earlier this month. A report released by the parent company of HomEquity Bank, the nation’s sole provider of reverse mortgages, states that a record number of reverse mortgages (with a rough total worth of $67.2 million) were closed in the fourth quater of … Read More

How Much Does Mortgage Insurance Cost?

EditorAbout Mortgage Brokers, Financial Tips, First Time Home Owner, General Interest, Home Insurance, Household Budget, Housing Costs, Life Insurance, Mortgage Down Payment, Mortgage Insurance, Real Estate Advice, Residential Mortgages

As a first-time homebuyer, chances are you’ve never heard of mortgage default insurance. More often than not, it isn’t until you’re sitting across from your lender that you learn about this expensive requirement. You see, in order to qualify for certain types of mortgage products in Canada you are required to be “insured”. While most insurance products are designed to … Read More

Is Your Home Underinsured?

familylendingFamilyLending.ca, Financial Tips, First Time Home Owner, General Interest, Home Insurance, Life Insurance, Mortgage Insurance

Did you know that a large number of Canadian homes are underinsured? The following are six important steps to make sure your home is protected against the unexpected. 1) Know Your Policy And What it Covers Your policy type should reflect your type of home and your needs. It’s important that you review your policy basics and have a good … Read More