Canadian Reverse Mortgage: Reversal of Fortune or Equity Drain?

If you’re a Canadian facing financial uncertainty you may be tempted to utilize a reverse mortgage as a means of reversing your fortunes.  Before you do, you should take a good hard look at the pros and the cons and decide if it’s a smart decision for you or a way of sucking equity out of your empty nest.

Pros

Credit doesn’t matter as much – If your credit stinks and you need fast access to cash, the reverse mortgage may be a good way to get it.  The amount you’ll qualify for is going to depend upon a variety of factors, including your overall credit rating.
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Need to unlock your home's equity - but have a few questions? Why not consider a free private email consultation with me, Darrin Roseborsky? There's no obligation or commitments to worry about. Just helpful answers to your questions. Use the short form in the top-right corner to get started. And in a few minutes, you'll have the answers to all of your questions.

Weekly Q & A: How Many Years Before I Can Refinance?

QUESTION: How many years do you have to be in your mortgage before you can get an equity loan or refinance?

ANSWER: Great Question.  It’s really not about the amount of time so much as the amount of equity you currently have in your home. If you just purchased your home, but were able to purchase it at below market value, there may be a chance you can actually refinance immediately. Give me a call, and I can take a closer look at your situation and help advise if refinancing is really a good option for you at this point.

Hope this helps. - Darrin

Preparation Key to Financial Survival During Credit Crunch Times

Can you complete this sentence?  “When the going gets tough, the tough get _______.  If you said smart, collect a cookie and go to the head of the class.  Don’t get too comfortable though, because tough economic times require a willingness to think outside the box and to make smart decisions with money, financial planning, debt and credit.  If you make the right decisions, you can thrive regardless of the pain some of your less prepared friends and neighbors could be feeling.  That’s the focus of an article in the Chicago Sun-Times.  Forget keeping up with the Joneses.  Learn how you can live life smarter than the Joneses by following this link   http://www.suntimes.com/business/currency/906050,CST-FIN-experts21.article

Debt Consolidation: Do’s and Don’ts

Are you considering debt consolidation as a way of ramping up to financial freedom?  You’ve no doubt read that combining debts can quickly and easily solve all of your financial problems and make you look like a younger version of Donald Trump, but without the alimony payments and the ongoing war of words with Rosie O’Donnell.  Before you call the Donald and tell him he’s fired get the facts on how to find debt relief the smart way.

First of all, all debts aren’t the same.  Some shouldn’t even be considered for debt consolidation because it doesn’t make sense from a practical standpoint.  Others should be consolidated for solid financial reasons.  Only by taking a good hard look at your entire financial picture can you decide on which debts to consolidate – and which ones to continue as-is.
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No Fee Closing Cost Doesn’t Mean Free Refinancing

If you’re considering refinancing your existing mortgage loan, I want you to pay close attention to some of the offers you may see.  It’s smart to refinance your way to a lower payment, but if you’re not careful you could jump into the fire and see your savings go up in smoke.

A major part of your monthly budget is your house payment and it’s only natural for you to look at a variety of solutions such as refinancing as a means of reducing your budget and moving you closer to your goal of total liquidity.

Unfortunately, the devil is in the details.  You need to hook up with a mortgage broker you can trust that’s provides refinancing strategies that won’t hurt your bottom line and devastate your budget or your plans for the future.  Let me explain.

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Credit Crunch Putting the Squeeze on Your Lifestyle? 20 Ways to Thrive & Survive

Sub-prime lenders in the United States are keeling over, pulling the dirt up over their faces and hiding from the reality they themselves created, governments are circling the wagons and talking about “sacrifice”, and corporate CEOs are climbing under their desks and hiding from shareholders.  Financial gloom and doom seems to be the message for the foreseeable future.  If the experts are calling it a day, what can you do to protect your personal economy and survive the dark days to come?  The Observer offers some sage – and creative – advice on what you can do.  Read the article yourself by following this link http://www.guardian.co.uk/money/2008/apr/13/consumeraffairs.householdbills

30 Second Market Update: The Sky is Falling – and So Are Canadian Interest Rates

If you’re pondering refinancing your mortgage loan, the prime time for you to make a move and pull the trigger may be in sight, as the Bank of Canada is poised to lower Canadian interest rates for the second time in a month.  Unfortunately, if you’re planning on dumping money into the stock market, you might be better off to bury your cash in your back yard or keep it safely tucked away in your mattress where you can keep an eye on it.  The subprime mortgage madness in the United States seems to be having a domino effect on world markets, causing stocks and other securities to tumble.  That’s the premise of an article I read in The Star.  You can read it yourself by following this link http://www.thestar.com/News/Canada/article/414033

Are Credit Card Minimum Payments Putting You On Financial “Life Support”

A credit card can be a useful tool that can easily reduce your need to carry cash, but if you don’t use them wisely they can very quickly place a huge strain on your household budget and your personal finances.

The best way (other than not using them at all) of utilizing a credit card is to pay the balance in full each and every month when your statement comes in the mail or you receive an e-mail letting you know that your statement is available to view online.

Unfortunately, millions of Canadians utilize credit cards as a way to stretch an already shrinking paycheck just a little bit farther.  However, by utilizing this strategy, interest charges can easily mount, minimal monthly payments can rise faster than springtime floodwaters, and before you know it you could wind up deeply in debt, with payments you can’t afford.  Instead of stretching your paycheck, you inadvertently wind up shrinking it.

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Rebuilding Credit After Personal Bankruptcy

If you’ve been through personal bankruptcy, you’re all too familiar with the fact that your Beacon score is shot and the need you have to try and rebuild credit as soon as possible.  The question is: What can you do – and how long will it take?

Even though you’ve swallowed your pride and filed for personal bankruptcy protection, that does not mean that you will never again qualify for credit.  With that said, your credit score is in the tank for the foreseeable future, and the best way to bring your credit life back from the brink of death is through the responsible use of credit cards.

First, there are two basic categories of credit cards that you’re going to want to explore.  Each has its pros and cons and I’ll briefly explain both so you can decide which option makes the most sense to you – and your financial goals.

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Weekly Q & A: The Lowdown on How Your Credit Card Company makes Money

Question:  I just got a new credit card in the mail.  They give me a bunch of perks for using their card – and they don’t charge me an annual fee.  I know some people rack up big balances, but if I pay my card off every month, how do they make any money? Don’t they lose money having me as a customer? Justin K. New Brunswick

Answer: Hi Justin.  Great question!  For starters, don’t feel too sorry for your credit card company.  They’re pulling cash in hand over fist.  Here’s a primer on just some of the ways they make money.

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