Sentences with phrase «never have equity in my home»

Not exact matches

• Unlike in the U.S., underwriting standards for qualifying mortgage borrowers in Canada have been maintained at prudent levels resulting in mortgage borrowers here being much more creditworthy; • Canadian mortgage lenders never offered low initial «teaser» rate mortgages that led to most of the difficulties for mortgage borrowers in the U.S.; • Most mortgages in Canada are held by their original lender, not packaged and sold to third parties as is typical in the U.S., and consequently, Canadian mortgage lenders have a vested interest in ensuring that their mortgage borrowers are creditworthy and not likely to default; • Only 0.3 % of Canadian mortgages are in arrears versus 4.5 % in the U.S. and what even before the start of the U.S. housing meltdown two years ago was 2 %; • Canadians tend to pay down their mortgage faster than in the U.S. where mortgage interest is deductible from taxes, which encourages U.S. homeowners to take equity out of their homes to finance other spending, a difference that is reflected in the fact that in Canada mortgage debt accounts for just over 30 % of the value of homes, compared with 55 % in the U.S.

The key feature of a reverse mortgage is that it allows you to borrow against your home equity but never have to repay the loan as long as you remain in the home.

If the terms were explained simply and honestly that for a one time payment of $ 81,000 (15 % * of their property value) they would pay $ 24,000 * in fees and costs in exchange for their home with $ 400,000 + equity, dad would never have agreed.

Have never been late in the 45 years Iv» e had credit and have $ 125,000 in home equHave never been late in the 45 years Iv» e had credit and have $ 125,000 in home equhave $ 125,000 in home equity.