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The reverse mortgage: approach with caution

The reverse mortgage: approach with caution

Suddenly reverse mortgages are being talked about again. The reverse mortgage is one of those products that seems to create a lot of confusion among consumers, if not controversy. Just consider the headlines on a couple of recent stories—“Love them or loathe them, reverse mortgages have a place” from the New York Times; “Why Financial… Continue Reading

Straw buyers and other types of mortgage fraud

Straw buyers and other types of mortgage fraud

What if one of your adult children (or nephews, nieces, or grandchildren) came to you and asked you for help in buying a home, and what if that “help” would consist in allowing your name to appear on the mortgage application? You have good credit and solid finances, but your would-be homebuyer relative doesn’t. If… Continue Reading

CMHC proud of its declining mortgage business

CMHC proud of its declining mortgage business

Not many corporations would boast that their business was shrinking, but Canada Mortgage and Housing Corporation (CMHC) is not your typical publicly traded Bay Street entity. CMHC is a Crown corporation, its “shareholders” are the taxpayers of Canada, and it reports to them (us) through Parliament. The corporation released its first quarter financial report today… Continue Reading

Is it so terrible to have a mortgage when you retire?

Is it so terrible to have a mortgage when you retire?

Research in England shows that almost a third of mortgage holders in that country will still be paying off their mortgages after they retire. The research was done for a mortgage company, which reports that the situation is “worrying” because those retired mortgage holders will no longer have a regular salary coming in and will… Continue Reading

RBC cuts mortgage rates: more to come?

RBC cuts mortgage rates: more to come?

If you didn’t see the drop in mortgage rates announced by the Royal Bank of Canada coming, don’t worry; neither did most of the experts. Just 28 per cent (actually two people) of the panel of experts at Bankrate.com correctly predicted a drop in mortgage rates this week. The rest were evenly split between “up”… Continue Reading

Study finds discrimination against women by mortgage lenders

Study finds discrimination against women by mortgage lenders

“Female mortgage applicants are less likely to have their loans originated than are male mortgage applicants.” This is the shocking conclusion of a new study done by the Woodstock Institute, a US non-profit research group that advocates for a “just financial system.” This latest study, carried out in the Chicago area, found that female mortgage… Continue Reading

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