Richards Mortgage Group Articles

Many newer mortgage borrowers in Canada have never seen mortgage interest rates with any rate starting at 4% or higher. For others, you might recall when mortgage interest rates hit a staggering 21% in the early 1980s. This article is directed to anyone who has a mortgage renewal coming up in the next 18 months and is worried about how much higher their replacement mortgage payments will be, plus strategies to reduce the payment and to manage the stress.

Last updated November 9, 2022 Essential Mortgage Planning Tips BEFORE you Retire/Quit Your Regular Job As you approach retirement, before relocating or downsizing, or otherwise before losing your regular predictable employment income, you may want to consider to position yourself to retain access to your home equity and be aware of your future lending options - it's smart retirement planning in my opinion. Once you lose your regular employment income, your lending options are drastically reduced and your home equity may become trapped forcing you to sell or change your plans if there is an acute need for money. I always say, the best time to apply for credit is when you don't need it! Please enjoy the video (click the image) and the supplementary discussion below.

Using the Equity in Your Home to Purchase Other Properties What do Bob & Kathy of Calgary and John & Betty from Ottawa both have in common? They both happened to contact my office this past week and they both were trying to figure out mortgage options to finance the purchase of a vacant parcel of land somewhere 3 or 4 hours west of their home cities. For now, the plan was to use the place as a weekend and summer getaway and God knows they could use a getaway in this crazy Covid-ridden world! Down the road, each couple will eventually build a retirement home or cottage.

Last updated 20240730 As it relates to mortgages, credit can often take the longest time to fix if there are problems, so accessing your report to make sure all is in order is a definite first step if you are thinking about a mortgage any time soon. Here's how...

Death of a loved one brings about many changes not to mention strong emotions. Often the kids are thrust into uncharted territory when a potential property inheritance or residual debt is involved. Whether a cottage on the lake, farm land, or a house in the city, this article is about how to best view the budding situation, dissect the issues, and how mortgage financing can potentially help out. It can apply where there is one party to many.

A reverse mortgage is a viable money strategy that allows some retirees to age-in-place, deferring the need to move to an expensive seniors living complex. As a senior, is your home equity really the sacred cow you have grown up to believe or can it be a tool to allow you to age-in-place, with dignity and in the comfort of your own home? Besides falling, the number one fear for many seniors is not having enough money to pay their day-to-day living expenses as they grow older. For those who still own homes, likely 90% of your net worth is the equity in your house while investments, RRSPs and TFSAs will make up the last 1/10th. The fear is real - only 30% of seniors have some sort of pension plan to fall back on, and CPP/OAS pays only about $1200/mo.