Recently we were interviewed by CBC leading off the news in the business digest across Canada discussing how Canadians are getting into the market.
In summary, 4/10 Canadians get a substantial gift from parents, in the sum of $100,000 to $300,000 instead of co-signing. If a parent co-signs they have to qualify to service the debt, and that can be difficult when you have more than one child to assist. There are other solutions as well that parents can utilize, like reverse mortgages, if co-signing or the sale of an asset is not the best family plan for them at this time.
Multigenerational family planning to ensure the gift goes as far as it can, combine that with a budget and a consultation with one of our financial planning partners will help you gain clarity if that is an option you would like to explore with our help.
Here are the clips from CBC for you to listen to:
If you have any questions at all, please don’t hesitate to reach out to our team and will be happy to discuss with the next steps to get started on this process.
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020 Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at email@example.com or at 604-802-3983.