Reverse Mortgages Edmonton – Best Mortgage Rates in Edmonton

So the standard idea of mortgages is that the bank lends you money and you pay it back over the next 25 years at a rate that is renewed every 5 or 10 years and if everything works out you will pay that off by the time you die. The origin of the word mortgage pretty much says it all as it originates from the old French words meaning death pledge. But what happens if you pay off your house and you’re still alive?

Read More – http://www.brokersforlife.ca/reverse-mortgages-edmonton/

 

Reverse Mortgages Calgary – Best Mortgage Rates in Calgary

So the standard idea of mortgages is that the bank lends you money and you pay it back over the next 25 years at a rate that is renewed every 5 or 10 years and if everything works out you will pay that off by the time you die. The origin of the word mortgage pretty much says it all as it originates from the old French words meaning death pledge. But what happens if you pay off your house and you’re still alive?

Read More – http://www.brokersforlife.ca/reverse-mortgages-calgary/

Second Mortgage — Get the Best Rates in Calgary

Second mortgages are just what they sound like, if you already have a first mortgage then the second for foreclosure purposes is in second place. The second mortgage is usually facilitated by a private lender although occasionally we will see one come from the bank who has the first mortgage.

What exactly is a Second Mortgage?

Second Mortgages are based on the appraised value of a property and can go to as much as 85% of that value but most will only go to 75% in major cities. While regular first mortgages look at going to 44% of your debt servicing ratio, most second mortgage lenders will consider higher debt ratio’s as they are more interested in the equity in the property than the actual debt ratios.

Read More – http://www.brokersforlife.ca/second-mortgage-calgary/