Indo-Canadian Voice Realty - Sept 21 2019

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Saturday, Sept 21, 2019

Volume 28 Number 38

Phone: 604-502-6100

Fax: 604-501-6111 Email: voicerealtyads@gmail.com

Don’t-pay-til-you-die reverse mortgages are booming in Canada Reverse mortgages are surging in Canada as more older people join the country’s debt bandwagon. If you’re 55 or older, you can borrow as much as 55 per cent of the value of your home. Principal and compound interest don’t have to be paid back until you sell the home or die. To keep the loan in good standing, homeowners only need to pay property tax and insurance, and maintain the home in good

repair. “We’ve only been in this

market for 18 months, but applications are jumping,”

Manufacturers Of Quality Cabinetry “Celebrating 30 years in Business” Sohan Singh Bhogal

Single Family Homes Multi Family Projects Hi-rise Apartments

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and have tripled over the past year, Andrew Moor, chief executive officer at Equitable Group Inc., said in an interview. The company, which operates Equitable Bank, sees the reverse mortgage sector expanding by about 25 per cent a year. “Canadians are getting older and there is an opportunity there.” Outstanding balances on reverse mortgages have more than doubled in less than four years to $3.12 billion, excluding foreign currency amounts, according to June data from the country’s banking regulator. Although they represent less than one percentage point of the $1.2 trillion of residential mortgages issued by chartered banks, they’re growing at a much faster pace. Reverse mortgages rose 22 per cent in June from the same month a year earlier, versus 4.8 per

cent for the total market. The fact that these niche products are growing so quickly offers a glimpse into how some seniors are becoming part of Canada’s new debt reality. After a decades-long housing boom, the nation has the highest household debt load in the Group of Seven, one reason Bank of Canada Governor Stephen Poloz may be reluctant to join the global

monetary-policy easing trend. More seniors are entering retirement with debt and the cost of rent has shot up in many cities, making downsizing difficult amid hot real estate markets. Reverse mortgages offer a new source of income. Canada’s big five banks have so far shied away

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LOOKING FOR

MORTGAGE I WORK FOR YOU, NOT FOR LENDERS

With over 14 years of banking and lending experience, I make your financial journey to home ownership a hassle free experience.

PRIVATE MORTGAGES We have large pool of in house funds available

I specialize in working with

FIRST TIME HOME BUYERu S so let me help yo take the journey from tenancy to m ho e ownership

I SPECIALIZE IN : • Residential mortgages Purchases and refinances • Commercial mortgages • Self-employed programs • New to Canada programs

Axis Mortgage Corp. #204-12885-80th Ave Surrey BC V3W 0E6

NEETU DHILLON Email : neetu_dhillon46@hotmail.com Email : dhillon_n@mortgagecentre.com

www.neetudhillonmortgageadvisor.com

MORTGAGE SPECIALIST

PH: 604.780.0458


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Saturday, Sept. 21, 2019

RESIDENTIAL, COMMERCIAL & PRIVATE MORTGAGES

Refinance & Renew Your Mortgage

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• Low Income • Self Employed • Bad Credit • New Immigrant • Land Development • Second Mortgages

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ALPHA MORTGAGE HOUSE CORPORATION

#202-12830, 80th Ave. (York Business Centre) Surrey Tel: 604-501-9837 Fax: 604-501-9847 amhc@shawbiz.ca

muPq sl`h mSvry leI huxy Pon kro *Lender/Broker Fee may apply but not without prior written consent of the client

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GURHIMAT S. GILL

604.825.4880

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SUKHKARAN S. BHATTY

604.765.4023


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Saturday, Sept. 21, 2019

Want to Buy or Sell your home in good price? I’ll sell your home fast... Call Darshan Bains

LISTING WANTED

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8 Bed, 7 Bath, 6,355 Sq Ft, 20,020 Sq Ft Lot, Built: 2017 Stunning new home in Sunnyside with a sun drenched North backyard. Beautifully crafted w/ultra high end construction & finishing. Exclusive open concept designed & built by a professional Builder. Water on demand systems. Build in A/C and more. Huge kitchen w/elegant cabinets. Feature Island, wok kitchen. Designer Lighting. High celling in living room welted ceiling in the Family room area. Four security cameras with monitor. Tile & Engg wood floor. Media room w/wet bar and Billiard room. In ground sprinkler System, Professionally landscaped. Legal two bedroom suite. Two front gates entry U shape driveway. This is perfect family home close to Bay ridge/Ray Shepherd Elementary and Elgin high school catchment. Close to Be * PREC - Personal Real Estate Corporation

SOLD HUGE LOT Big Lot. 2 bedrm house with huge back lane. 2 bedrm up and 1 down. Good investment in OT house. built huge house with back lane.

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1757 E 36TH AVE, VANCOUVER

SOLD COIN & COMMERCIAL LAUNDRY BUSINESS FOR SALE IN VANCOUVER Excellent Opportunity to own a well established and well running Laundry Business in Vancouver. Always Busy, Good Income, Regular clients and Healthy Cash Flow. Very good money making business in Victoria Street area. Lots of parking available. Owner

SOLD

6989 204 St, Langley

$3,299,000

1.2 Acre Townhouses, live/work 'C' 16-20 units/acre Development Property with Views in APROVED Willoughby Central Gordon Estates Plan. No Creeks or Easements. 1,400 Sq ft 3bdr/2bath Rancher not livable. Great Investment Potential. Close to all shopping and amenities. An exclusive opportunity to invest in one of Canada's fastest developing communities. Property sold as is where is. Land value only. By appointment only.

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Half Acre Lot Ready to Build. Fabulous 19,000 sq. ft. building lot available in Sunny Side Park. The perfect location to build your dream home. Close to Ray Shepherd, Laronde, and Elgin Park Secondary schools and walking distance to local parks. G.S.T. not included in the listing price. * PREC

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Spectacular custom built home with professional b u i l d e r N o r t h Ea st Gordon area. Walking distance to the urban shopping area. This impressive 3-storey homewith finished basement. Featuring 4

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SITE FOR SALE Three townhouse site available in Langley For more details call vipan sharma

6922 202B Street, Langley This offering represents an opportunity to secure 1.6 acres of prime townhouse development land in the Central Gordon neighbourhood in the Township of Langley. The property is designated for 12-40 units per acre. Great Investment Potential. Close to all shopping and amenities. An exclusive opportunity to invest in one of Canada's fastest

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$3,678,400


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JOB OPPORTUNITY

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REQUIRED PART TIME REAL ESTATE ASSISTANT Well established Realtor looking for a Part Time Female Assistant who can work on Days and some weekends. Good command of English and Computer skills.

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604-502-6100


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LOW RATE MORTGAGES

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RESIDENTIAL MORTGAGES 5 Year Fixed High Ratio at 2.59% 5 Year Fixed to 80% LTV at 2.89%

ALTERNATIVE LENDING Low Credit Score and High Debt Ratios OK. Rates Start at 4.49% Self-employed can also qualify using six months bank statements.

PRIVATE MORTGAGES

Bad Credit OK. No Income Verification. Cash in 5 days. Must have lendable equity in the property. Home Equity Line of Credit without Income Verification. Call me today for quick and easy approval!

JEET SINGH 778-320-9494 Mortgage Specialist

www.crownfunding.ca

Rates subject to change without notice.

With my 30 years of experience and having every mortgage product. I can get you the mortgage you need without any hassle.

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Saturday, Sept. 21, 2019

from the product. Only two lenders offer them in Canada. HomeEquity Bank, whose reverse mortgage has been on the market for 30 years, dominates the space with $3.11 billion on its books. Equitable Bank, a relatively new player, has C$10.1 million. Shares in parent Equitable Group have surged 75 per cent to a record this year. Critics say reverse mortgages are a high-cost solution that should only be used as a last resort. “When they think of their cash flow, they’re not going to get kicked out of their house, but in reality, it really has the ability to erode the asset of the borrower,” Shawn Stillman, a broker at Mortgage Outlet, said by phone from Toronto. Higher Rates Interest rates are typically much higher than those for conventional mortgages. For example, HomeEquity Bank and Equitable Bank charge 5.74 per cent for a five-year fixed mortgage. Conventional five-year fixed mortgages are currently being offered online for as low as 2.4 per cent. Atul Chandra, chief financial officer at HomeEquity Bank, said the higher rates are justified because the lender doesn’t receive any payments over the course of the loan.

“Our time horizon for getting the cash is much longer, and generally the longer you wait for your cash to come back to you, the more you need to charge,” Chandra said in a telephone interview. Most Delinquent Executives at HomeEquity Bank and Equitable say they are focusing on educating people about reverse mortgages to avoid mistakes that were made in the U.S. during the housing crisis -- including aggressive sales tactics. While delinquency rates on regular mortgages are still low for seniors, they were the highest among all age groups in the first quarter, at 0.36 per cent, according to data from the federal housing agency. The 65-plus demographic took over as the most delinquent group at the end of 2015. For non-mortgage debt, delinquency rates in the 65-plus category have seen the biggest increases over the past several quarters, Equifax data show.

Reverse mortgages aren’t included in typical delinquency rate measures -borrowers can’t be late on payments because there are no payments -- but they can be in default if they fail to pay taxes or insurance, or let the home fall into disrepair. However default rates for reverse mortgages have remained stable, even with the strong growth in volumes, said HomeEquity’s Chandra. According to a scenario provided by HomeEquity Bank, a borrower who took out a reverse mortgage of $150,000 at an interest rate of 5.74 per cent would owe $199,058 five years later. A home worth $750,000 when the reverse mortgage was taken out would be worth $869,456 five years later, assuming three per cent annual home price appreciation, meaning total equity would have grown by about $70,000.

BNN

RESIDENTIAL, COMMERCIAL & PRIVATE MORTGAGES

Refinance & Renew Your Mortgage

with us at Better Rates ib@lfr~ Eqy fvYlpr~ v`sqy pR`eIvyt pYisE~ d` pRbMD quh`fy rIP`eInYNs Eqy mortgyj irnUEl spYSilst lYNf fvYlpmYNt • Gr~ dI mOrtgyj • sYikMf mOrtgyj • kMstRkSn • kmrSIEl •

• Low Income • Self Employed • Bad Credit • New Immigrant • Land Development • Second Mortgages A

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ALPHA MORTGAGE HOUSE CORPORATION

#202-12830, 80th Ave. (York Business Centre) Surrey Tel: 604-501-9837 Fax: 604-501-9847 amhc@shawbiz.ca

muPq sl`h mSvry leI huxy Pon kro *Lender/Broker Fee may apply but not without prior written consent of the client

GURHIMAT S. GILL

604.825.4880

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SUKHKARAN S. BHATTY

604.765.4023


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We Build Your Dream Home

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