Mortgage Loan Minute 60 seconds to informed home ownership
In This Issue
Dispelling the Myths of Reverse Mortgages
Protecting Your Assets ..the Legal Way
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  Current interest rates:

  Prime Rate ................... 4.00
  3 year fixed ..................  5.24 
  5 year fixed ..................  5.40
  7 year fixed ..................   5.99
  10 year fixed .................  6.25
  Variable rate .................  4.75
Tracy Irwin, AMP
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Mortgage Broker Report Card
Canadian Real Estate magazine recently surveyed homeowners about their mortgage broker.  Here are some of the results ...
  • 90% agreed that "their broker had a strong grasp on the available products to meet their clients' needs."
  • 73% thought their broker offered a wide variety of mortgage products
  • 70% confirmed their broker found them a "better-than-expected deal" on their mortgage

As an Accredited Mortgage Professional, I am delighted with these results.  Now aren't you glad you know a Mortgage Broker who is at the head of the class?  Have a great month!

Dispelling the Myths of Reverse Mortgages
Reverse mortgages have become more popular as seniors search for ways to supplement their income and baby boomers prepare to retire.  But do you know the pros and cons of a traditional mortgage versus a reverse mortgage?
What is a reverse mortgage?
A reverse mortgage is a loan taken out against the equity in your home that allows for tax-free income to be paid to the borrower (you), without any repayment, for as long as you live in the home.  
Click Q & Eh? Reverse Mortgages
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Protecting your Assets .. the Legal Way!

Rick Burgess, Burgess Law Office 
Al and Eileen met at their local seniors' centre. Both were widowed; both loved to dance; both occasionally dealt with nagging health problems; both were in their eighties.
For two years, they kept each other company, helped each other with medical appointments, and encouraged each other through bouts of cancer. Then they decided that they wanted to spend their remaining days together, and so they planned to marry.

But each was concerned about how to protect the assets accumulated with their first spouse for the benefit of their children from that first marriage. After all, they were quite happy to share what they had with each other while they remained together; however, they agreed that that it wouldn't be appropriate or fair to see a lifetime's worth of wealth, accumulated in a first marriage, be diverted from the children of that marriage, and end up with the children of the "new" spouse.
So they decided to visit a lawyer and ask what could be done.
Click Protecting your Assets .. the Legal Way!

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Drexel University men's golf coach Mike Dynda issued an unusual directive to his 2005 team after they fell to a second to last place showing.  With two players using just eight clubs, Drexel improved their score by 18 shots the last day.
I'm going to try that strategy ... can't hurt!
Tracy Irwin, AMP
Mortgage Broker