Did you know?
Reverse mortgages are gaining popularity for Canadians over 55! Many Canadians are looking to retire but are faced with high debt loads and ongoing expenses and a reverse mortgage can help! This is also a great product for anyone wanting to help their elderly family members. Instead of selling their house and moving them to care or assisted living a reverse mortgage can help. its a great way to access the equity in their home and help pay for ongoing costs.

The goal of a reverse mortgage is to allow for Canadians over 55 to access the equity in their home and assist with comfortable financial living. With the reverse mortgage the borrowers are not required to make regular payments. It allows for a considerable inflow of cash without having to pay off what they owe. The only time a payments due is when you sell the home or move out of it. Reverse mortgages can be can be set up as a one time lump sum or a structured monthly payout.

Reverse mortgages also have additional benefits including:
* No monthly payments.
*No income qualifications.
*Title and ownership remain int he property owners name.
*Flexible option if you need to break the term early.
* Penalty waived in the event of death or care home placement.

Struggling financially later in life is can be avoided by a reverse mortgage. You can use the funds to pay off debt or gift money to family or even increase your investment portfolio If you need assistance in possibly acquiring a reverse mortgage please contact me today! I would be happy to discuss your options and find a product that best suits your needs! Access my website for all the information you need to know about mortgages. Fill out my online application or access my contact form!
Information provided by April newsletter by Dominion lending

So you want to do a home renovation project?! Now its time to look for the right contractor to do the job! Doing a thorough job looking online and asking friends and family is important. Once you find your potentiate contractor, its time to treat the process like a job interview! Being prepared with the right questions can prevent problems in the future but also ensures you are happy with the finished result.

If you are hiring a contractor for your big home reno make sure you ask these important questions..

1. What is your experience in home renovation?

This question can help you determine how long the contractor has been in the bushiness and whether or not they have worked with similar challenges. It is important to also confirm that they will be able to finish the project on time and the steps they will use to ensure the completion. Looking on social media for positive reviews will also help to confirm you have make the right choice.

2. Do you have a contracting license?

Depending on which province you live in there are different requirements for what type of license a contractor has to hold. Check the laws in your region to see what may apply and confirm with the contractor that they hold the proper license.

3. Do you carry the proper insurance?

The information provided by the Canadian Homeowners Association, hiring people without the proper insurance could put you in legal or at financial risk should something happen in your home. Make sure this is one of the first things you check off your list. Protect yourself and the contractor by making sure they have workers compensation and liability insurance.

4. Will you recieve a written contract?

If the answer to receiving a written contract is no then don’t even bother moving forward with the interview. The CHBA says contract should cover a description of the work also the materials used and the cost of the job. It should also include a payment schedule. Paying full price upfront is an usual business practice.

5. Can you can get in touch with past clients?

A contractor should be proud of the past work! Contact past customer and ask about completion timelines and ask how disputes were resolved!

6. Who is responsible for building permits?

If building permits are needed make sure that there is a clear understanding of who is applying for them and ensuring they are valid. Always attend the final inspection with the builder to ensure work is done properly and that if any changes are needed you can confirm they are completed!

article provided by FCT

Hi!

In my experience is there is a huge difference between a rate hold and a pre-approval. Rate holds can be a quick conversation and consent for credit. The file is submitted without verification of income or down payment and the rate hold can be up 90-120 days. A formal pre-approval includes collection all of the documentation up front. Confirmation of down payment and also confirming annual income. Confirmation of income is so important. In the event there is any discrepancy in paystub hours or annual 2 year average it can affect your file in a negative way and the purchase price that was mentioned could be void. It is important to make sure that you provide your most recent paystub, T4 slips and job letter as soon as possible to allow me to confirm your income prior to shopping for a property. There are several downpayment types that we can use. Savings, borrowed or gifted. For more information please contact me at 403 892-5368