• Mitch Speigel – Mortgage Agent
    Your Mortgage Group Professional
    Kora Management
    License #M08003984, FSCO #10315

  • Cash In On Your Home Equity. – Debunking Myths.

  • unusual

    You’re heading for retirement and your savings aren’t going to last. Not only that, you are worried about how you’re going to visit your grandchildren, because your credit card debt is too high already.
    Probably, you are living in the solution, but you’ve heard terrible things about reverse mortgages. Fortunately, or unfortunately, what you’ve heard is nonsense:
    1. “I’ll lose my home.” You have less chance of losing your home with a reverse mortgage than with a conventional one, because you don’t have to make payments
    2. “I could get cheated out of my money.” What money? You’re not giving anyone money. They’re giving it to you. Home Equity Bank is a class one Canadian bank and, therefore, totally regulated.
    3. “The interest rates are too high.” The rates are a little higher than conventional rates, but that’s what allows Home Equity Bank to forego your monthly payments.
    3. “A reverse mortgage has expensive fees attached.” Not really. The average cost to close a reverse mortgage is approximately $1,500, including the Lender’s legal costs. The only extra cost is the required “independent legal advice”, (approximately $400.00).
    4. “But I’m set for retirement.” Really? Although many Canadians believe they are, the truth is that only a third has more than $100,000 to draw on.
    5. “A reverse mortgage is a last-resort solution.” Every situation is different, of course and a reverse mortgage is not a panacea. The bottom line is that a reverse mortgage deserves a good long look. It could be perfect for you.
    Miso soup tonight: (I have it for breakfast.)
    White miso paste is available in most grocery stores. Soak the paste in boiling water until is dissolved and thick. Meanwhile, in a saucepan steam, or boil well-chopped veggies. As a rule of thumb use one white, one green and one coloured; e.g., carrots, broccoli stems and daikon. Add shitake mushrooms, chopped green onions, grated ginger and some Japanese powdered soup base with bonito. Add lemon juice and tamari to taste. Bring to a boil to mix and take off heat. Add the miso; mix and then add water until the miso taste is not overpowering. Warm to serve. DO NOT BOIL.
    #reversedmortgage #misosoup #debtconsolidation #privatemortgages