A recent report in the Financial Post suggested that applying for a HELOC may become much more difficult after the current crisis. Many people experiencing financial difficulty are currently getting by thanks to government crisis stimulus and mortgage/loan deferrals. If those stop before everyone is back at work, many people could start considering HELOC options to stay afloat.
If you have seen the Hollywood movie “Confessions of a Shopaholic”, the process of debt consolidation will make a lot of sense to you. When you are in deep with credit card debt, paying the minimum monthly amount due only lets you scrape through from one installment to another.
Many Canadians often ask, “Can you use a reverse mortgage to purchase a home?” It often surprises people when they find out that, yes, you can buy a house with a reverse mortgage, by using it as a type of purchase mortgage.
This article explores these myths and reveals the real truth about reverse mortgages
Before deciding on whether to take out a reverse mortgage, it pays to be armed with all the facts
As Canadian homeowners, you may be familiar with the many advantages of a reverse mortgage.
For retirees, living on a fixed income can be difficult. Longer retirements,
For retirees, living on a fixed income can be difficult. Longer retirements, smaller pensions and insufficient savings can all add to retirees’ financial stress. Illness or other unexpected events can add up to stretched finances.
Looking for a loan you can live with? If you want to access the equity in your home without having to sell your house, most people think of a home equity line of credit (HELOC) first.