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Comment by Lowell Brandon on March 3, 2010 at 12:52am

Aw, yes, we seem to have some HST-type problems down here in the states, too.

Comment by Ralph Harrison on March 2, 2010 at 8:23pm

Close enough Lowell

Comment by Lowell Brandon on March 2, 2010 at 7:10pm

Please excuse me for being an ignorant U.S. dude, but what is the HST? Horrible Substantial Taxation, maybe?

Comment by Ralph Harrison on March 2, 2010 at 8:44am

Harold: Don't expect any results from the people here, nobody seems to care one way or another about any important issues to get behind any attempt to stop the HST implementastion. Which is too bad because this government seems to react to on-line activities that are against policies they are trying to implement. Best bet is to let the politicians know that come the next election you and your family will not vote for them because of this and hope it works.

Comment by Harold on March 2, 2010 at 12:48am

The new HST in Ontario and BC will be applied to financial transactions such as mutual fund fees. This will negatively impact on the savings of many seniors. Does anyone know of any actions being taken to attempt to convince the respective governments to waive the HST on these fees?

Comment by James Pasternak on February 23, 2010 at 5:09pm

Things are really picking up at www.itsourhospital.ca. Please show your support for fellow Zoomers in Saanich, BC by endorsing the hospital Foundation for a local award.

Comment by James Pasternak on February 22, 2010 at 8:20pm

An emerging and ongoing story taking place in Saanich, B.C. The local community is trying to obtain 37,000 endorsements for the Saanich Peninsula Hospital Foundation's goal to win the Saanich Chamber of Commerce's Crystal Award for Business of the Year - Not for Profit.

Local community activist and philanthropist Fraser Smith has pledged $1 for every endorsement logged at www.itsourhospital.ca. Others are starting to match it so tens of thousands could be raised.

There is no cost to send your endorsement.

Comment by Angela Rickett on February 20, 2010 at 5:53pm

This was the reply I received from my real estate's friend who is a mortgage broker -- it does seem as if it's not a good idea!!
With regard to Reverse Mortgages, you're right they're not very good.
First of all they won’t go above 40% of the value of the home, they will charge you an appraisal fee (somewhere between $200 – 400), Legal fees ($ 300 – 600) an administration fee (approx $ 1,500.00) and posted rates on your money (3 year term 5.25%, 5 year term 5.95%).
Second, if you want to sell the house you have to pay off the reverse mortgage first, and finally,
If you surrender interest in your property by selling it or moving out within the first three years of having your Canadian Home Equity Plan (CHIP) reverse mortgage, there is an applicable penalty.
The penalty will be calculated based on the amount of your reverse mortgage.

I suggest that you look at getting a secured line on the condo at prime + 1%.

Between the fees, pre payment penalties and high interest rates, they don’t seem like a very good deal to me.

Comment by Lowell Brandon on February 20, 2010 at 4:40pm

Here in the states, a $250,000 mortgage might be priced at $1,278 U.S., which seems outrageously priced to me. I can imagine a $400K or $500K house being that much, but $250K?? Sheesh! The mortgaqe companies are greedy! At a bank, we're lucky to get 1.5% interest, if that. :(

Comment by Ruth B on February 15, 2010 at 9:41pm

Hello Angela. REVERSE MORTGAGE/ Have never read a positive comment on this plan U S or canada. Our own financial advisor is very much against this idea as many in the business charge much higher fee than the increase in value of the property. Hope you can arrive at other solution for funds other than this method, Happy retirement; I also have worked past 65 but only on a casual/part-time basis. Ruth B
Cannot read your page; the type is in a very light shade; or would ask you by mail to be a friend from your page Ruth B

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