Arranging To Renew My Mortgage
[ Thursday August 29th 2019 at 3:09 pm ]
I've made the next decision for my mortgage. I am in a position where I could pay it out. But doing so doesn't make financial sense based on how the disability pension I receive is setup. The disability pension doesn't take into consideration the depreciation, maintenance and replacement of essential household appliances and things like roofing shingles. If you can't prove expenses in the here and now they aren't calculated into the monthly benefit.
I've reached out to the financial planner I deal with concerning my mortgage. I've expained what I need to happen and have started the process to renew my mortgage. When the cost of housing exceeds $497 CAD a month the excess must expense must either come from your 'basic needs' allowance or have a family member or friend pay for this. For where I am at right now a mortgage payment of $125 a month makes sense. I just need to sign some legal paper work to set my plan in motion.