When Life Throws You A Curveball

Sabeena Bubber • November 2, 2017

While America may believe they Run on Dunkin' Donuts, I'm pretty sure they actually run on credit and debt. And the truth is, Canada isn't that far behind. Debt is not only culturally acceptable, but oftentimes the norm. Our governments borrow money in order to fulfill campaign promises and to fund various programs (legitimate and [arguably] otherwise), small business owners borrow money, and on a micro level, families borrow money for houses, cars, and things. It almost seems like some level of debt accumulation is inevitable.

Debt can be split into three categories, good, bad, and ugly debt. 

Good debt would include any debt that is used to build long term equity. Securing a mortgage to purchase your home falls in under this category. So could financing a rental property. An education is certainly something that people invest in, oftentimes at a considerable expense, but as this debt is used to increase earning power, it's a good debt.

Bad debt would include anything you purchase on credit, that doesn't appreciate in value, or allow you to earn more money. Bad debt is when you spend money you don't have on a credit card or line of credit, and choose to pay it off in instalments (sometimes at considerable interest). 

Ugly or unforeseen debt is what I'm here to discuss, the debt that shows up when life throws you a curve ball. It's the debt you aren't prepared for. Regardless of how much good or bad debt you have accumulated, in order to have that debt in the first place, a lender somewhere has considered you a good credit risk. This means you make your payments, and you're reliable. Perfect. But what happens when life happens and you aren't able to make your payments? 

Let's say that you get in a car accident and can't go to work, a family member falls ill and you are there to take care of them, you lose your job due to corporate downsizing, you take a risk with your own business and you fall short, what then? Ultimately, if you end up losing your ability to make timely payments on your debt, things can snowball really quickly, your good and bad debt become really ugly debt.

There is hope!

If you're like most established Canadians, your house is your biggest asset. So if life does throw you a curveball, and you don't qualify for a mortgage refinance to access some of your equity, this is where the CHIP reverse mortgage comes in. A CHIP Reverse Mortgage enables homeowners aged 55 and older to access their home equity without making any monthly repayments. So if you've got debt to pay off, not only can you consolidate it with a CHIP reverse mortgage, you aren't required to make any payments. 

My name is Sabeena Bubber and I'm a certified reverse mortgage specialist. Please call me anytime, Sabeena Bubber at 604-862- 8526 or visit myreversemortgage.ca for more information on how a CHIP reverse mortgage could work for you! 

SHARE THIS ARTICLE

RECENT POSTS

How to Maximize Your Mortgage Renewal Opportunity

By Sabeena Bubber • October 14, 2026
Your Lender Is Not Obligated to Renew Your Mortgage Many homeowners assume that if they’ve made every mortgage payment on time, their lender is automatically required to renew their mortgage at the end of the term. That’s a common belief—but it isn’t true. When you sign a mortgage, you’re agreeing to a contract for a specific term . Once that term ends, the lender has the legal right to either renew the mortgage or call the loan . There is no obligation to offer a renewal. In practice, most lenders do renew mortgages—but certain situations can prevent that from happening. Reasons a Lender May Decline to Renew A lender may choose not to renew if: Mortgage payments were missed during the term A bankruptcy or consumer proposal has occurred There is a separation or divorce Employment or income has changed A borrower on the mortgage has passed away The lender no longer prefers the property’s location or market The lender is no longer licensed to lend in Canada Even one of these factors can change how a lender views the risk. Why This Matters Because renewal is not guaranteed, waiting until the last minute can put you in a difficult position. Understanding this reality early gives you time and control. How to Protect Yourself at Renewal The best approach is to be proactive. Ideally, you should begin reviewing your options 120 days before your mortgage term ends . This gives you enough time to explore alternatives and make informed decisions—rather than reacting under pressure. Even if your current lender offers a renewal, that’s just one option , not automatically the best one. The lender that was right for you years ago may no longer offer the most competitive rate, terms, or flexibility today. The goal at renewal isn’t convenience—it’s reducing your total cost of borrowing and choosing terms that align with your current situation. Why Work With an Independent Mortgage Professional Working with an independent mortgage professional ensures someone is advocating for you , not the lender. Instead of being limited to one set of products, you can compare options across multiple lenders and choose the solution that best protects your interests. Final Thoughts Whether your lender is offering a renewal or not, the smartest move is to review all your options before signing anything. If your mortgage is coming up for renewal—or if you want to plan ahead—feel free to connect anytime. I’d be happy to help you protect your options and make a confident decision.
Sabeena Bubber is a 2026 Canadian Mortgage Hall of Fame Inductee

Sabeena Bubber Named to the 2026 Canadian Mortgage Hall of Fame

By Sabeena Bubber • October 13, 2026
Sabeena Bubber is a 2026 Canadian Mortgage Hall of Fame inductee, recognized for mortgage industry leadership, client service, and community impact.

Monthly vs. Biweekly Mortgage Payments: Which Is Better?

By Sabeena Bubber • October 7, 2026
How Mortgage Payment Frequency Affects What You Pay Over Time You’ve probably heard the saying that there are two certainties in life: death and taxes. When it comes to your mortgage, there’s really just one certainty—you’ll repay what you borrow, plus interest. What is flexible, though, is how often you make your mortgage payments. And that choice can have a meaningful impact on how quickly you pay down your mortgage and how much interest you pay over time. The Six Mortgage Payment Frequencies Most lenders offer the following payment options: Monthly – 12 payments per year Semi-monthly – 24 payments per year Bi-weekly – 26 payments per year Weekly – 52 payments per year Accelerated bi-weekly – 26 payments per year Accelerated weekly – 52 payments per year Standard Payment Frequencies The first four options are designed to align with how you get paid. For example: Paid monthly? Monthly mortgage payments may make sense. Paid every two weeks? Bi-weekly payments can align nicely with your cash flow. With these standard options, regardless of how often you pay, the total amount paid over the year is the same —it’s simply divided into more frequent payments. What Makes “Accelerated” Payments Different Accelerated payments work differently—and this is where the real savings happen. With accelerated bi-weekly or accelerated weekly payments, you’re paying a slightly higher amount each time. That extra money goes directly toward reducing your mortgage principal, which lowers the interest you’ll pay over the life of the mortgage. A Simple Example Let’s assume a $1,000 monthly mortgage payment: Monthly: $1,000 once per month = $12,000 per year Semi-monthly: $500 twice per month = $12,000 per year Bi-weekly: $1,000 × 12 ÷ 26 = $461.54 every two weeks = $12,000 per year Accelerated bi-weekly: $1,000 ÷ 2 = $500 every two weeks = $13,000 per year With accelerated bi-weekly payments, you effectively make two extra payments per year without having to think about it. Those extra payments reduce your principal faster, which lowers interest costs over time. Accelerated weekly payments work the same way—you just make smaller payments more frequently. Why This Matters Long Term While it’s difficult to calculate exact savings due to variables like interest rates, terms, and amortization changes, maintaining an accelerated payment schedule over the life of your mortgage can reduce your amortization by up to three years and save a significant amount of interest. The Bottom Line Accelerated payments are a simple, automatic way to lower your overall cost of borrowing—without needing to make lump-sum payments or drastically change your budget. If you’d like to see how different payment frequencies would impact your mortgage specifically, feel free to reach out anytime. I’d be happy to walk through the numbers with you and help you choose the option that fits your goals.