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Reverse Mortgage vs. Home Equity Loan - Dominion Lending ...

Reverse Mortgage vs. Home Equity Loan

More and more Canadians are going into their retirement years without a lot of money saved in the bank. It is suggested that in order to live a financially comfortable retirement, couples should have saved 50-60% of their peak pre-retirement income, which equates to roughly $42,000 to $72,000 a year or $275,000 to $1,025,000. Singles should have saved 60-70%...

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Understanding Home Equity: Line of Credit vs. Loan ...

Understanding Home Equity: Line of Credit vs. Loan

Borrower or credit costs can be outrageous. To go get a line of credit, you are usually paying upwards of 6% to 7.5%. These lines of credit can be based on interest only or principle and interest payments. This kind of loan is based on how the lender views you as a risk. In other words, they look at the amount of money you are making and the...

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Home Equity Line of Credit in Canada vs. Reverse Mortgages

In our business, we are constantly approached with questions about how reverse mortgages work and how they compare to Home Equity Lines of Credit (HELOCs). HELOCs are the most closely comparable products in Canada and many believe them to be superior to reverse mortgages. But many Canadians look at only two things and assume HELOCs are better in...

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Related topics : reverse mortgage equity line of credit / reverse home mortgage / reverse equity mortgage / mortgage home equity rates / how does reverse mortgage work

Best Mortgage Rates in Canada - Dominion Lending Centres

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About Dominion Lending Centre

Canada's national mortgage and leasing company with more than 2,300 members offering free expert advice across Canada - taking the hassles out of the mortgage process and simplifying your life.

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Related topics : mortgage lending rates / commercial mortgage rates canada / mortgage insurance rates canada / best mortgage rates canada / mortgage national rates