Why buying your first home during inflationary times is good

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Are you a first-time homebuyer concerned about rising inflation? It's understandable to have some reservations, but rest assured that there are still plenty of reasons why buying your first home is a great idea, even during inflationary times.

Firstly, Canada's housing market has historically been stable and resilient, even during economic downturns. This means that homeownership remains a reliable investment in the long run, and you can feel confident in your decision to buy a home.

Secondly, the Canadian government offers programs and incentives to help first-time homebuyers get into the market, such as the First-Time Home Buyer Incentive and the Home Buyers' Plan. These programs can help you get a foot in the door and make homeownership more accessible and affordable.

Additionally, as inflation drives up the cost of living, owning a home can provide a sense of stability and predictability in your monthly expenses. Unlike renting, where landlords may increase your rent at any time, owning your home means that your monthly mortgage payment will remain the same for the duration of your mortgage term.

Finally, by owning a home, you can build equity and wealth over time, which can help you achieve your long-term financial goals.

As a mortgage broker, I can help you navigate the Canadian housing market and find the best possible mortgage deal for your unique financial situation., now could be the perfect time to take the leap into homeownership.

So if you're a first-time homebuyer, don't let rising inflation discourage you from achieving your dream of homeownership. Contact me today to schedule a consultation and start your journey towards owning your first home.

The Pros And Cons Of Reverse Mortgages - A Quick Guide
November 28, 2018 @ 12:43 PM by:

No matter how carefully you plan, life can put a dent in your retirement funds. A life-altering accident or illness can turn your life upside down. Dipping into your retirement to meet uncovered expenses can leave you concerned about your future. Some seniors have had to sell their homes in order to pay unexpected bills and expenses. A reverse mortgage may be able to help you stay in your home and pay off the bills.

What Is A Reverse Mortgage?

A reverse mortgage is a loan borrowed against the equity you have in your home. It may be distributed in a lump sum, a monthly payment, or in a line of credit.

Upside Of A Reverse Mortgage

There is no requirement to make any payments on a reverse mortgage loan as long as you remain living in the home. You might want to consider a reverse mortgage if:

•You would like to pay off your mortgage balance

•You have difficulty paying monthly bills on time

•You want to stay in your home the rest of your life

•You could use extra monthly income

•You are at least 62 years of age

•You have at least 52 equity in your home.

Downside Of A Reverse Mortgage

There are things that must be considered before applying for a reverse mortgage.

1.It is a loan that accumulates interest, which causes the amount due to grow over time.

2.Property taxes and insurance must be kept current to avoid foreclosure proceedings.

3.You won't be able to borrow the full amount of your home equity as the loan amount is based on appraised value of your home, the balance owed, current rate of interest, and your age.

A reverse mortgage can be very beneficial for many seniors, and put money in their bank accounts. Be sure to consider the pros and cons before making the decision to apply for this type of loan.