Representations and Warranties when selling your home.

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Reverse Mortgage

I have had numerous people ask me about a reverse mortgage which enables elderly homeowners, typically who are low in cash, to tap into their home’s equity without selling their home or moving from it. Specifically, a lending institution makes a check out to you each month, and you can use the check as you want. This money is really a loan against the value of your home; because the money that you receive is a loan, the money is tax-free when you receive it. The downside of these loans is that they deplete your equity in your estate, the fees and interest rates tend to be on the high side, and some require repayment within a certain number of years.

Reverse Mortgage

I have had numerous people ask me about a reverse mortgage which enables elderly homeowners, typically who are low in cash, to tap into their home’s equity without selling their home or moving from it. Specifically, a lending institution makes a check out to you each month, and you can use the check as you want. This money is really a loan against the value of your home; because the money that you receive is a loan, the money is tax-free when you receive it. The downside of these loans is that they deplete your equity in your estate, the fees and interest rates tend to be on the high side, and some require repayment within a certain number of years.

Pre-Qualify before you look to buy a house

When your planning to purchase a house it is always important to pre-qualify for financing before looking. You should contact a mortgage broker or your bank and find out how much you can finance. It also depends on your down payment and what your monthly payments will be. If you know what you can afford before you put in a conditional offer on financing this can save everyone time and you will not be disappointed if you do not qualify for a home that is out of your prize rangge.

Propertyshop.ca on Facebook and Twitter

Propertyshop.ca has joined facebook and twitter, facebook and twitter links are now on each listing so potential buyers or sellers can share their lisitng or a listing they are interested in with their friends and followers. The main site is  linked allowing consumers to share and  learn about this new real estate concept offer by propertyshop.ca and their real estater lawyer.

Canada Housing Market Dependent on World Economy

Canada Mortgage and Housing Corporation CMHC have predicted that Canada's housing market is stabilizing, however, they point out that the economic uncertainty is still present in world markets and if there is a slower recovery of the U.S. economy or other world financial markets, that could lead to a slower growth in employment in Canada.  Unemployment for Canada is forecasted to be 8.1% and 8.8% in Ontario for 2010.  This could then lead to a lower demand for housing which CMHC have forecasted.  On the other hand, if there is a  greater recovery, then the demand could be greater in the housing market than their forecast.  Their forecast also assumes that mortgage rates will remain relatively flat through the end of 2011.  For more information visit their website at  http://www.cmhc-schl.gc.ca/odpub/esub/61500/61500_2010_Q04.pdf?fr=1294425225015

Ontario Housing Market

Canada Mortgage and Housing Corporation CMHC predicts that the recovering economy and improved employment will push Ontario new housing starts up 18.9% in 2010. That will be 59,900 new home start units in 2010 up from 50,370 units in 2009.  Of these new home units, it is predicted that 27,000 will be single home starts, and 32,900 will be multiple-family home starts. Resales are predicted to have 191,800 unit sales. The average price for a home is predicted to be $342,600. For more details on this article, visit their website at  http://www.cmhc-schl.gc.ca/odpub/esub/61500/61500_2010_Q04.pdf?fr=1294347670140