MTGplus

11/25/2020

Reverse Mortgages: Is this right for you? -

You pay back your loan when you move out of your home, sell it or the last borrower dies. This means you don’t need to make any payments on a reverse mortgage until the loan is due. You will owe more interest on a reverse mortgage the longer you go without making payments. At the end of your loan ...

10/05/2020

Canadians now have the option to build their credit scores via rent payments. -

The Toronto-based Landlord Credit Bureau, which is used by 30,000 landlords and property managers across Canada and the U.S., is partnering with Equifax Inc. to create an online portal that tracks a tenant’s rent payments so that the resulting data can be incorporated into credit files. Either ten...

10/05/2020

The Toronto-based Landlord Credit Bureau, which is used by 30,000 landlords and property managers across Canada and the U.S., is partnering with Equifax Inc. to create an online portal that tracks a tenant’s rent payments so that the resulting data can be incorporated into credit files. Either tenants or landlords, who are tasked with updating their tenants’ profiles on a monthly basis with on-time or missed payments, can sign up to use the service.



The Landlord Credit Bureau will be tasked with running the portal, collecting the data and sending it to Equifax. Rent would then be treated in a similar fashion to credit cards on credit files — a new trade line would be created and on-time or missed payments would begin to weigh on credit scores.