What is a Reverse Mortgage?
The idea of a reverse mortgage is that it allows senior people to convert part of the equity in their homes to cash.
Mortgage Broker Vs Mortgage Specialist
A mortgage broker and a mortgage specialist might sound similar and would seem interchangeable, but they are not.
The Rising Debt in Canada
There was a 7.9% increase in consumer debt making the total consumer debt to $2.2 trillion. Another rate hike is expected in April.
Bank of Canada Rate Hike
The rates were increased from a record low of 0.25% to 0.50%, however, another Bank of Canada rare hike could happen in April.
Economic Factors Affecting Rate Forecasts
The persistent inflation is changing rate forecasts weekly and forecasting interest rates in such circumstances does not provide conclusive results
Do Property Values Decrease When Interest Rates Increase?
The property value decrease depends on many economic factors. Although interest rates have increased, the housing market still has fierce competition
Mortgage Borrowing Sets a New Record
The increasing home prices has translated into record borrowing whereby the borrowed amount equates to $187.5 billion in mortgage debt
