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Michael Curry
Works at VERICO The Mortgage Wellness Group Ltd
Lives in Barrie, On, Canada
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Michael Curry

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Bank of Canada Holds Interest Rate

Today the Bank of Canada kept the overnight lending rate at 0.5% after cutting it twice last year. This rate is what the banks charge each other for short-term loans and generally affects retail mortgage rates. Many economists had predicted a rate drop of 0.25% although that would have further weakened the Canadian dollar.

The Bank of Canada's official news release is below.

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.

Inflation in Canada is evolving broadly as expected. Total CPI inflation remains near the bottom of the Bank’s target range as the disinflationary effects of economic slack and low consumer energy prices are only partially offset by the inflationary impact of the lower Canadian dollar on the prices of imported goods. As all of these factors dissipate, the Bank expects inflation will rise to about 2 per cent by early 2017. Measures of core inflation should remain close to 2 per cent.

The dynamics of the global economy are broadly as anticipated in the Bank’s October Monetary Policy Report (MPR), with diverging economic prospects and shifting terms of trade. China continues its transition to a more sustainable growth path and the expansion in the United States is on track, despite temporary weakness in the fourth quarter of 2015. The U.S. Federal Reserve has begun to gradually withdraw its exceptional monetary stimulus. While risks to the world outlook remain and have been reflected in sharp price movements in a range of asset classes, global growth is expected to trend upwards beginning in 2016.

Prices for oil and other commodities have declined further and this represents a setback for the Canadian economy. GDP growth likely stalled in the fourth quarter of 2015, pulled down by temporary softness in the U.S. economy, weaker business investment and several other temporary factors. The Bank now expects the economy’s return to above-potential growth to be delayed until the second quarter of 2016. The protracted process of reorientation towards non-resource activity is underway, helped by stronger U.S. demand, the lower Canadian dollar, and accommodative monetary and financial conditions.  National employment remains resilient despite job losses in the resource sector and household spending continues to expand.

The Bank projects Canada’s economy will grow by about 1 1/2 per cent in 2016 and 2 1/2 per cent in 2017. The complex nature of the ongoing structural adjustment makes the outlook for demand and potential output highly uncertain. The Bank’s current base case projection shows the output gap closing later than was anticipated in October, around the end of 2017. However, the Bank has not yet incorporated the positive impact of fiscal measures expected in the next federal budget.

All things considered, therefore, the risks to the profile for inflation are roughly balanced. Meanwhile, financial vulnerabilities continue to edge higher, as expected. The Bank’s Governing Council judges that the current stance of monetary policy is appropriate, and the target for the overnight rate remains at 1/2 per cent.

Information note:

The next scheduled date for announcing the overnight rate target is 9 March 2016. The next full update of the Bank’s outlook for the economy and inflation, including risks to the projection, will be published in the MPR on 13 April 2016.

https://barriemortgagebroker.ca/bank-of-canada-holds-interest-rates/
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WHAT CAN SENIORS EXPECT FROM THE LIBERALS?
Canadian seniors worried about finances may be wondering what changes they can expect now that a majority Liberal government has been elected.

https://barriemortgagebroker.ca/what-can-seniors-expect-from-the-liberals/

“The comments we hear from seniors, every day, are that government changes are needed to areas affecting finances. Some are struggling while others face dire financial challenges,” notes Yvonne Ziomecki, SVP, HomEquity Bank, the only bank dealing exclusively with seniors.

“The most important promise of the Liberal government to retirees is what it won’t do and that is end pension income splitting. My spouse and I split my pension income. At the same time, the Trudeau government will introduce a new Seniors Price Index to ensure that Old Age Security benefits keep up with actual rising costs. Both policies will help us to remain in our home, which is a major priority for us,” explains Joyce Wayne, Professor Emeritus Journalism, Sheridan College and blogger, www.retirementmatters.ca

“On the downside, Justin Trudeau has pledged to cut the Tax Free Saving Account yearly contribution from $10,000 back to $5,500.  The increased TSFA limit was a critical piece of my retirement plan. Now I must calculate how much faster I’ll need to withdraw funds from my RRSP, and that means adding to my taxable income,” she adds.

According to the Liberal party website ‘Retirement Security For Our Seniors’ section, the new government plans to:

Restore eligibility for Old Age Security and the Guaranteed Income Supplement to 65, allocating an average of $13,000 annually to the lowest income Canadians as they become seniors.
Increase the Guaranteed Income Supplement for single, lower income seniors by 10% providing up to an additional $920 per year for Canada’s lowest income seniors. Current benefits generally ensure couples are able to stay out of poverty, however more than one in four single seniors is defined as low income. This will allocate $840 million by 2019 and benefit 1.25 million seniors, including 900,000 single women.
Develop a new measure for the cost of living faced by seniors: the Seniors Price Index. OAS and GIS will be indexed to this new, more accurate and more generous measure, rather than to the Consumer Price Index that reflects the wider population.  In periods when the Consumer Price Index grows faster than the Seniors Price Index, the traditional Consumer Price Index will be used. Pension income splitting will remain.
Work with provinces and territories, workers, employers and retiree organizations to enhance the Canada Pension Plan.
Introduce a more flexible and accessible Employment Insurance Compassionate Care Benefit so six months of benefits are available to those who provide care to a seriously ill family member, rather than only those caring for a loved one at risk of death.
Commit to a new, 10-year investment of $20 billion in social infrastructure, prioritizing significant new investment in affordable housing and seniors facilities.
HomEquity Bank, the only Canadian bank working exclusively with seniors, helps elderly people remain in their homes through its CHIP reverse mortgage solution, www.chip.ca and Income Advantage products. Seniors can supplement their income via reverse mortgage monthly or lump sum payments.

If you are looking for more information on a CHIP Reverse Mortgage please give me a call at 705-717-5598 or 647-559-5049 or email me at mcurry(at)mortgagewellness.ca. You can also use the Reverse Mortgage Calculator to see how much you would qualify for and get pre-qualified in minutes.
https://barriemortgagebroker.ca/reverse-mortgage-calculator-canada/

Michael Curry 
Certified Reverse Mortgage Specialist
HomEquity Bank

The Mortgage Wellness Group Ltd.

About HomEquity Bank

HomEquity Bank is a Schedule 1 Canadian Bank offering the CHIP reverse mortgage solution www.chip.ca. The company was founded 29 years ago as an annuity based solution addressing the financial needs of Canadians who want to access the equity of their top asset – their home.

For further information: or to interview Yvonne Ziomecki or Joyce Wayne, please contact: Teresa Donia, iAMBIC Communications, teresa@iambic.ca, 905-508-5550; Yvonne Ziomecki, Senior Vice President, Marketing and Sales, HomEquity Bank, yziomecki@homequitybank.ca, 647-723-6812
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MANULIFE BANK IS COMING TO THE BROKER CHANNEL.
One of Canada’s largest financial institutions is going to be offers its mortgage products through the broker channel very soon. Manulife Bank, which is a subsidiary of Manulife Financial will begin making its mortgages readily available through brokers starting in 2016. This move is planned to be in place for the spring market, giving brokers access to their popular Manulife One (M1) product amongst others.
https://barriemortgagebroker.ca/manulife-mortgages-available-through-brokers/
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6 RETIREMENT PLANNING TIPS
Retirement is supposed to be that time in your life when you can take it easy and do the things you enjoy. If you have planned for your retirement properly then you will have that time and freedom that working didn’t allow. These days with the cost of living many people are having to work well past retirement age just to maintain their lifestyle. Below are some tips, that if implemented early enough, can help make your retirement plans a reality.

Start saving for your retirement as early as possible. Obviously the sooner you begin saving for retirement, the better off you will be. Most financial institutions and financial planners can set up a direct deposit type of account, that can deduct a contribution from your pay or account when you get paid. As long as it is a manageable amount, you will barely even notice it and set up properly can defer income taxes.

Plan for the lifestyle you want when you retire. Everyone is different, and we all wan to do different thing when we retire. If you want to travel the world, you need to realize that this will cost a lot more than gardening or fishing. Once again, a financial planner can help you achieve these goals and tell you how much you need to be saving now.

Try to invest in a variety of things. We all know the stock market goes up and down, but in the long term it always goes up overall. With this type of investment it is best to put your money into a mutual fund where it is invested in a variety of safer options like banks etc.. Investing in just one stock can be risky even with large established companies – remember; Delta Airlines, Enron, WorldCom? Currently VW stock has dropped 30-40% in a very short time.

Plan to make your investments last. These days people are living longer and doing more. While nobody know how long they will live for, you should plan for this to some degree. If you have a hundred thousand dollars invested at 5%, you should minus the rate of inflation so as not to deplete your investment.

Keep working if need be. It is better to work at least part time, than to live in poverty. Many people enjoy the interaction of getting out and seeing other people as it is known to have huge psychological benefits

Access some of your homes equity. With the rising cost of living, more and more people are using the equity in their home to maintain their lifestyle. While this option is not for everyone, it can benefit many seniors who are struggling financially. Reverse mortgages can also be used to purchase a property in retirement. This allows you to purchase a property you could not normally afford and not have any mortgage payments. Food for thought!

https://barriemortgagebroker.ca/6-retirement-planning-tips/
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REVERSE MORTGAGE REQUIREMENTS
A reverse mortgage from HomEquity Bank is a smart way for seniors to access the equity they’ve accumulated in their home as tax-free cash. Despite the fact that reverse mortgages have been in Canada since 1986, there is still a lot of misunderstanding.
REVERSE MORTGAGE REQUIREMENTS:

Both you and your spouse must be over the age of 55
The reverse mortgage must be the first mortgage so if you have an existing mortgage it must be paid off with the reverse mortgage
Second mortgages are allowed but must be approved by HomEquity Bank
Tax arrears must be paid before funding or from funds
You must have adequate fire insurance
If another person other than a spouse is on title they must be removed before funding – only the people who took out the mortgage can be on title.
Both spouses do not need to be on title
You must get independent legal advise before signing mortgage documents – can be paid for from proceeds
A home appraisal is required – must be paid for by applicant at time of appraisal
Some properties may not be eligible – badly run down, seasonal, life lease, etc.
Minimum $25,000 initial advance – $10,000 for additional advances if required
For more information visit:
https://barriemortgagebroker.ca/reverse-mortgage-requirements/
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Please contact me with any questions you may have, or to find out how much of a reverse mortgage you currently qualify for.
705-717-5598
647-559-5049
or visit the link below:
https://barriemortgagebroker.ca/reverse-mortgage-requirements/
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HOME CAPITAL CUTS TIES WITH MORTGAGE BROKERS
Alternative mortgage lender Home Capital Group was halted trading on the TSX Wednesday after the company divulged it had severed connections with multiple mortgage brokerages for inflating income information pertaining to applicants. Read full article at:
https://barriemortgagebroker.ca/home-capital-cuts-ties-with-mortgage-brokers/
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Michael Curry

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iA Financial Group (Industrial Alliance) launches improved version of SecurOption Full press release:
https://barriemortgagebroker.ca/securoption-lifetime-retirement-income/

SecurOption is a simple, innovative and distinctive option offered in the iA Financial Group's DPSPs and group RRSPs. It allows members to build guaranteed lifetime retirement income the amount of which is known in advance, through their accumulation plan. The first version of SecurOption made iA Financial Group a leader in group retirement plans offering income security. With its new solution, which provides an increase to the annuity based on the amount as well as the complete integration of data in all its tools, iA Financial Group meets a challenge in terms of innovation and makes the retirement planning process significantly easier for its clients while reducing the risk related to increased longevity.
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NEW MORTGAGE DOWN PAYMENT RULES
Effective February 15, 2016, the minimum down payment for new insured mortgages will increase from 5 per cent to 10 per cent for the portion of the house price above $500,000. The 5 per cent minimum down payment for properties up to $500,000 remains unchanged.
https://barriemortgagebroker.ca/new-mortgage-down-payment-rules/
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Well the results are in and the Liberals have the majority government they aimed for. It surprised me that this election garnered so much attention as the economy in Canada is not really suffering, unlike in other parts of the world. Perhaps fear of what could happen here moved people to do something before it happens – I don’t know.
https://barriemortgagebroker.ca/2015-canadian-election/
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Grouplend now offering personal unsecured loans starting at 5.9% hoping Canadians will chose them over credit cards.
Find out more: #Grouplend
https://barriemortgagebroker.ca/grouplend-personal-loans/
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REVERSE MORTGAGE STUDY

https://barriemortgagebroker.ca/reverse-mortgage-study/
HomEquity Bank teams with Equifax Canada to study Debt in Retirement

Mortgage debt amongst seniors is increasing right across Canada, and for those aged 70 and older, it has increased 12 percent in comparison to 2013. That is based on the final results of a debt in retirement research study carried out by HomEquity Bank and Equifax Canada.
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Have him in circles
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Mortgage Agent at VERICO The Mortgage Wellness Group Ltd
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  • VERICO The Mortgage Wellness Group Ltd
    Mortgage Agent, 2014 - present
  • Apex Financial
    Mortgage Agent, 2011 - 2014
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