Tuesday, 8 November 2011

How to Use your RRSP to Pay your Mortgage

Have you heard of Self Directed Mortgages? If you said no, you're not alone. In fact its one of the least common investment methods, that one adviser at TD Waterhouse, says they deal with.  If you have cash in your RRSP and are looking for a fixed investment income this may be a valuable tool for you. A self directed mortgage allows you to pay your mortgage from the money in your RRSP. You become the bank and make payments back to your RRSP - with interest. Read more in my recent article at Moneyville.ca

If you want to reach the broker from this story Gerry Hogenhout.

To get the best current rates visit Ratesupermarket.ca

2 comments:

  1. Yes this is more sensible than paying your mortgage directly. At least here you are still assured not to be foreclosed by the bank if everything goes wrong. But you will also lose your retirement money so better pay on schedule no matter what happens.

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  2. This is the first time I heard of such a thing. It makes sense, although it can be upsetting for property buyers. It's undeniable that time is one of the biggest factors in getting mortgages.

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