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

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    Case Study: Private Refinancing Allows Another Year.

                                Deal Description: The Borrower had a single-family residence in Mississauga. A year ago, he needed to refinance to repay his mother’s estate and to finance his new business. He received a prepaid interest loan for $700,000. Since the mortgage carried a 1-year term, he needed to refinance. Purpose: To refinance his existing equity loan Employment: Neither the applicant nor his spouse was employed. Credit: Their credit scores were decent [...]

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    CMHC Rule Change Clarification: Ratios Explained.

                        The ratios have been as follows: GDS 42 and TDS 39 As of July 1, these ratios will decrease to 42 and 35. These changes mean that there will be less debt accepted and it will be more difficult to qualify for a mortgage Gross Debt Service Ratio (GDS) To calculate your GDS, lenders try to figure out the proportion of your income you would be paying each month to own a particular property. First, the lender will estimate your annual mortgage payments, property taxes, heating costs and [...]

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    Private asset-backed lenders in trouble with Covid-19

                  Recently, a friend asked me about a possible investment in a “private” asset based mortgage lender. Asset-based lenders, often Mortgage Investment Corporations, get funds from an investing public and lend the money in the form of asset-based mortgages. Right now, because of Covid-19, many of these lenders are in trouble. Criteria My friend wanted to know whether he should invest in a long term deposit with a certain company I explained that the companies with which I like to deal are not those in which he [...]

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    Coronavirus, Bear Market and a Reverse Mortgage

                The Coronavirus crisis has reduced the value of

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    Case Study: Credit fix allows purchase.

                        Deal Description: The Borrower had been looking for a suitable purchase for some time. Each time she thought he found one, we went through the normal process, which included a credit rating check and each time her credit was excellent. About a year ago, we tried again and found that her credit was in the 500s. She was in complete shock and knew nothing of any problems.  We discovered that the financial institution that held her corporate account had changed its credit card carrier. [...]

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    Retirees: Cash Poor; House Rich; with Debt.

                    What do Baby Boomers, Gen X, and Millennials have in common? The answer is a simple four-letter word… DEBT. Ugh. Dreadful isn’t it? It doesn’t have to be. We need to get back to basics with a few helpful tips to get you on the path to financial freedom. Start with a budget. Yes, we know the “b” word is almost as scary as the “d” word but you have to start somewhere and, someone once said, all you need is twenty seconds of insane courage for something great to happen. The hardest thing [...]

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                Interesting times We are in the midst of interesting times. The dire restrictions needed to battle the Coronavirus are beyond the control of anyone. Most Canadians live from payroll to payroll and from hand to mouth. When income stops, there aren’t many alternative and major payment expenses, mortgage and car payments, become jeopardized. Banks will help. But never fear, the Banks will help you. Last week, the President of the Canadian Bankers Association announced that all six major banks would offer deferral payments [...]

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    Interest Rates are Down and Down Again

                      The Bank of Canada has been threatening a decrease in interest rates for months. It is very important for a mortgage person to keep track of these things, for the benefit of his clients and just to keep up with the industry. I left the country for one week only and the Bank lowered the overnight rate by 50 BSP, or ½%.  I like to be around when these things happen so I can keep my clients informed, but no; they did it without me, at a regularly-scheduled Bank of Canada review meeting. And then,[...]

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    Canadian Insolvencies Rise To The Highest Level Since The Recession of 2009

                Canadian households went from swimming in debt to drowning in it last year. Office of the Superintendent of Bankruptcy Canada (OSB) data shows a substantial climb for insolvencies in December. Every province in the country showed large growth, with half printing double digits. The swelling insolvencies led the national number of filings, to the highest level since the Great Recession. Canadians Filed The Most Insolvencies Since 2009 Last year was a huge year for insolvencies, with every single province seeing a rise. There [...]

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    T1 Tax return-a brand new look.

                      The new and completely redesigned T1 personal income tax return is here. It is important for tax professionals, but i is also important for mortgage professionals, who must use and interpret the new forms. Some of the things to note: The Return Visibility As the Canada Revenue Agency put it, “Your income tax package has a new look.” No kidding! Some of the changes include the use of plain language, “where possible,” an increased font size and more white space. The new tax return [...]

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