Moishe Alexander’s Blog

Archive for the ‘CMHC’ Category wants to make your mortgage refinance process as straightforward as possible for you by arming you with the tools that will help you to make informed choices when looking for a mortgage refinance rate and terms. These tools include:

  1. The Borrower’s Bill of Rights – Our Borrowers Bill of Rights helps you avoid unethical lenders and get the most from ethical lenders.
  2. Truth about Loans – Our in-depth library of helpful articles tells you what to expect at every step of mortgage process.
  3. The Ethical Lender Rate Directory – The Truth about Loans section allows consumers to search for mortgage rates while at the same time flagging those mortgage lenders that abide by the Borrower’s Bill of Rights and are in good standing with the Better Business Bureau.

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This is great stuff to know said Moishe Alexander of Canadian Funding Corp.

Reverse mortgages are becoming popular in America. HUD’s Federal Housing  (FHA) created one of the first. The Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements and more. You can receive free information about reverse mortgages in general by calling AARP toll free at (800) 209-8085. Since your home is probably your largest single investment, it’s smart to know more about reverse mortgages, and decide if one is right for you!

1. What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. FHA’s HECM provides these benefits. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

2. Can I qualify for FHA’s HECM reverse mortgage?

To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. You are further required to receive consumer information from an approved HECM counselor prior to obtaining the loan. You can contact the Housing Counseling Clearinghouse on (800) 569-4287 for the name and telephone number of a HUD-approved counseling agency and a list of FHA-approved lenders within your area.

3. Can I apply if I didn’t buy my present house with FHA mortgage insurance?

Yes. It doesn’t matter if you didn’t buy it with an FHA-insured mortgage. Your new FHA HECM will be FHA-insured.

4. What types of homes are eligible?

To be eligible for the FHA HECM, your home must be a single family home or a 1-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible.

5. What’s the difference between a reverse mortgage and a bank home equity loan?

With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home or FHA’s mortgage limits for your area, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you can borrow.

You don’t make payments, because the loan is not due as long as the house is your principal residence. Like all homeowners, you still are required to pay your real estate taxes, insurance and other conventional payments like utilities. With an FHA HECM you cannot be foreclosed or forced to vacate your house because you “missed your mortgage payment.”

6. Can the lender take my home away if I outlive the loan?

No. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than the value of your home at the time you or your heirs sell the home.

7. Will I still have an estate that I can leave to my heirs?

When you sell your home, you or your estate will repay the cash you received from the reverse mortgage plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs. More info here

A good number of well-intentioned families have put off the thoughts of purchasing a home. They are waiting for a time in the distant future when house prices

are stable and job security is no longer a joke. Unfortunately, they are missing out on a great time to buy.

Moishe Alexander says now is the right time

Why is it such a great time to buy? The truth of the matter is that there have never been better deals on real estate in Toronto. Supply is unlimited and demand is at an all time low which means that there are a lot of great deals out there. But just because there are good deals doesn’t mean that YOU should be buying. The following will help you determine whether or not now is a good time for you to buy

take a look:

Its a good time to buy with Moishe Alexander

End of year and December give you the good opportunity to purchase real estate.In this time you can pick up a bargain real estate from a motivated seller and you can also save on your purchase costs.
1.Real estate buyers put off looking for a house that holiday decorating,parties,shopping or celebration.Furthermore,the winter makes real estate buyers prefer to stay home because effect from cold weather. For this reason make a low competition from other real estate buyers.

2.Home sellers who didn’t sell pending the recent buying frenzy are worried that their home will not sell. Because,most home seller offering their home for sale while the holiday season is motivated.
3.Any real estate agents who want to take their holiday same other people.They need to sell they house quickly,the agents aren’t as busy,you get good service They’re more likely to take low offers seriously. Real estate agents love buyers or investors ready to buy real estate while December.

4.On december,Interest rates continue to creep up. Who knows what the rates will increase to next year?

for more info go to:

There are various real estate “experts” who can be called upon and mountains of information to be viewed to cover the topics of home prices, trends and statistics as they relate to the art of buying a home.

But looking at a home purchase as being important is only a small part of the real reason why buying a home is such a monumentous decision. The fact is, buying a home is a big decision because we go so deeply in debt to finance the house of our dreams!

Canadians have now borrowed several times their annual Gross National Product (the value of all goods and services produced in the country in a given year) and many more times the Gross National Income (the total wages and salaries paid to Canadians in a given year) in the form of mortgages.

The consequences of non-payment of this debt creates a great deal of personal financial problems, which some contend are part and parcel of many other social problems in our society.

In other words, it is not the purchase itself, but the debt incurred to purchase a home and our level of comfort with incurring that amount of debt that is the really important factor in buying a home. Debt deserves our understanding and respect.

Moishe Alexander has reviewed the report that sometimes, what makes an affordable housing project successful depends on what resources are brought together. This was the case in Halifax, where a community of unlimited opportunity was created for people with serious or recurring mental illness.

Connections Clubhouse evolved through discussions with the Halifax Metropolitan Regional Housing Authority (MRHA) and the Capital District Health Authority about the needs of people living with mental illness. What emerged was a need for connection —connections with existing housing resources, with MRHA staff, with community support and development programs and with each other.

The Affordable Housing Solution

Connections Clubhouse works with its members and community partners to help people get the support they need to find homes. The concepts behind the Clubhouse Community Outreach and Housing Program are housing spread throughout the community; providing flexible individualized supports; consumer choice; assistance in locating and maintaining housing; unrestricted length of tenure in the residence; and community based peer support.

Connections Clubhouse members define their own housing needs. This individualized planning contributes to greater housing satisfaction, stability and longevity. Members’ housing choices are not limited by previous classifications or identified disabilities; members have the right to try the most independent option they wish, with flexibility to try a variety of options and possibilities.

Support services include crisis prevention and interventions, peer support, delivery of medication, access to a respite apartment and psychiatric support. What is essential to the creation of a community is the active involvement of its members, who are empowered to design and implement support networks, advocate for the program and serve as mentors for other members, either directly or through a Clubhouse-sponsored chat line. A number of other initiatives are run by Clubhouse members as part of the Community Outreach and Housing Program:

  • Gung Ho, a co-operative convenience store;
  • Visits to members who are in hospital or isolated at home;
  • Neighbourhood Networks, which provides opportunities for members with common interests to get together; and
  • A furniture and recycling store.

With 42 MRHA social-housing units, and three apartments as a base for support services, the Connections Clubhouse members now have a safer and stable base for personal growth and community involvement. Clubhouse members report that the housing program has helped give people peace of mind, greater independence and opportunities for employment, as well as stable mental health and a better outlook on life.

Connections Clubhouse contributes to the larger community by reducing hospitalization time and opening opportunities for members to find housing and employment of their own— an “everybody wins” approach that brought Connections Clubhouse a CMHC Housing Award in 2006 for best practices in affordable housing.

Mr. Moishe Alexander serves as President of the successful mortgage and financing company, Canadian Funding Corporation, but he is most significantly a wholehearted altruist devoted to bettering the community through charitable service and donation. Moishe Alexander’s accomplishments are attributed to a combination of his solid work ethic and commitment to philanthropic goodwill. Part of the function of this blog is to highlight the needs and innovative solutions that have been undertaken by the CMCH and other organizations.

Clarence Gate, Ottawa, Ontario

The Centretown Affordable Housing Development Corporation (CAHDCO) is a non-profit organization in Ottawa that develops and provides consulting services for other groups interested in building affordable housing. With Ottawa’s housing prices at all-time highs, CAHDCO built a downtown condominium — Clarence Gate — that offers an affordable homeownership solution to lower- and moderate-income households. CAHDCO found that some households who live in subsidized housing could buy their own homes and, at the same time, free up space for other families.

The Affordable Housing Solution

Clarence Gate opened in 2003, with 30 one-, two- and three-bedroom units, all with patios or balconies. Located in Ottawa’s Byward Market area, residents have easy access to public transit, shopping, parks and other amenities.

To help cover construction costs, CAHDCO sold 11 units at market prices.The other 19 units were sold atprices affordable to homebuyers with yearly salaries between $31,000 and $48,000 in 2002–2003.

There is an income test to qualify for an affordable condo. Households that qualify for a rent subsidy in City of Ottawa social housing have priority for an affordable unit. In addition, qualifying homebuyers must have a five per cent down payment, be eligible for a bank mortgage and not spend more than 32 per cent of their income on housing costs.

While CAHDCO wanted it to be possible for purchasers to build equity through ownership, it also wanted to make sure re-sales would be affordable, to ensure the long-term affordability of the condos. Clarence Gate is like any other homeownership project, except that CAHDCO becomes involved when units are sold or leased.The guaranteed equity model limits the price increase for resale to the Consumer Price Index, not market rates, and CAHDCO is involved in decisions regarding future homebuyers and the leasing of any units.