Blog by Cedric Swift

Reverse Mortgage

September 19th, 2015

Understanding Reverse Mortgages

A reverse mortgage is a loan that is designed for homeowners 55 years of age and older. A reverse mortgage is secured by the equity in the home, which is the difference between the value of your home and the unpaid balance of any current mortgage. It allows homeowners to obtain cash without having to sell their home.

The Canadian Home Income Plan (C ...

Line of Credit

September 19th, 2015
Compliments of lawyer "Stan Galbraith" Many clients are surprised when we tell them about a second mortgage. We ask:  Do you have a line of credit? Yes, they say, but that’s not a mortgage. Our answer: Yes it is and it is registered on title; this means it must be paid out in full on closing. To avoid any doubt, get your clients to produce the most recent line of credit statement and remind th ...