Effective today, Wednesday, May 27, 2009 … A Reverse Mortgage for as low as … 6.75%!!*
See attached CHIP Fact Sheet for full details and new rates effective May 27, 2009:
1 Year Term = 6.95%
5 Year Term = 7.95%
A new report by the Certified General Accountants Association of Canada (CGA-Canada) reveals that household debt has reached an all-time high of $1.3 trillion in 2008. According to the report, Canadian families are financing consumption activity with unearned money as they increasingly reach for credit to finance day-to-day living expenses.
The report, Where Has the Money Gone: The State of Canadian Household Debt in a Stumbling Economy , is based on a consumer survey conducted in November 2008. The survey asked Canadians to reflect on the changes that had occurred in their household finances over the past three years, with a focus on household debt, income, assets, wealth, spending and savings.
“Household debt has increased significantly over recent years, jeopardizing the financial security of Canadian households,” says Anthony Ariganello, President and CEO of CGA-Canada. “Many Canadians are not aware of how the economic downturn has impacted their financial situation and continue to load up their credit cards and lines of credit, while committing few, or in some cases, no resources to savings.”
Lines of credit and credit cards account for the largest proportion of consumer debt, with 85% of indebted Canadians reporting that they have outstanding debt on a credit card. Some 21% of Canadians who are in debt say that they are in over their heads and can no longer manage their debt load.
To see the full report, click on this link: http://www.cga-canada.org/en-ca/Pages/default.aspx
For your senior clients (age 60+) who are facing increased debt loads, a CHIP Home Income Plan offers a stable and dependable financial solution in these unstable times. In most cases, we are not concerned about income, GDS/TDS ratios, or credit history, because regardless of the interest rate, the payments on a CHIP Home Income Plan always remain the same … “ZERO”!!
Call me anytime for a no-cost/no-obligation quote and face-to-face meeting with your client to determine if a CHIP Home Income Plan is a good fit.
Here are a few of my favorite past articles from my Lethbridge real estate and mortgage blog you might have missed or wish to recommend them to a friend.
WANTED: Single Women: - Single women are a hot mortgage market
Common Financial Problems - Avoid these financial mistakes
Get Your Credit Score UP - Invaluable insight into your credit score
Mortgage Guidelines Get Tighter - Harder and harder to borrow money
Is Your Mortgage Company Out of Business in 2009? - What to do when your bank goes broke
What is wrong with MLS - Is your info being abused?
Survivor - Real Estate Edition - Let's vote a few more off the island
Robert May is a Realtor, as well as the broker and owner of Rainbow Realty of Lethbridge Alberta . He is also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta. He has been in the Lethbridge real estate industry since 1993 and offers full MLS real estate services to Lethbridge and surrounding area, as well as Lethbridge mortgage financing, mortgage refinancing , preapprovals, and Lethbridge heloc financing to Lethbridge and Southern Alberta. He can be found online at this link: mortgage broker Lethbridge
Let me share my 15 years experience in the local Lethbridge real estate and financing market with you! It is the first step towards making a profitable real estate decision.
Robert W May is a Real Estate Broker in Lethbridge Alberta, having now been in the industry for over 23 years. . He was also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta for the past 10 years. He is an industry leader always willing to help train and educate others in how to improve their business models for financial and personal benefit.