Anshu Arora LLM, MSc, PMP

Cell 604-828-7331 | info@anshuarora.com

Financing your home is probably one of the least fun aspects of home ownership. Nevertheless, it’s essential. And when it comes to a reverse mortgage, things get a little more interesting. With a reverse mortgage, you can take advantage of the value of your home without selling it. Sounds pretty good, doesn’t it? Before you call your bank, here are all the facts about how reverse mortgages work.

What is a Reverse Mortgage? Reverse mortgages are also referred to as equity release. They allow you to borrow a percentage of the current value of your home. This percentage is based on a number of things including your age, the appraised value of your home, and your lender. Basically, the older you are and the longer you’ve had your home, the more equity you will have in your home. As well, current market trends will also contribute to the amount of money you can access.

How is a Reverse Mortgage Paid Off? One of the things that appeal to homeowners is that payments on reverse mortgages are not required until the loan is due. The loan is usually due at the time of death or when you sell your home. One thing to consider is that the longer you go without payments toward a reverse mortgage, the more interest you will owe. That is very important because this can negatively affect the equity in your home, meaning when you decide to sell, you might not end up with as much profit as you were expecting.

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Rates are changing, Policies are changing, Market is changing, Gas prices are changing!


Now is the time to do what you are going to do – key point to remember is that you always buy and sell in the same market. You sell now, you’ll buy now.


You may wait for prices to go up and sell then, and at that point you buy in a high market as well. Never focus on what the market is doing – focus on your own goals, your outcomes. The market always has and always will go up!


I can help, assist, guide, lead you, if that is what's needed!

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Prices are on the rise again and so is the market! Great time to take advantage of this – with the restrictions on building on ALR land in Richmond, revisions to the Stress test, and may more changes, take advantage of all this before the market takes off again.


Buy and Sell and take advantage of exposure to millions of Buyers and Sellers, through my websites


www.buyandsellfarmland.com

www.luxurylandassembly.com

www.kingslistings.com

www.vancouvercondoking.com

www.surreycondoking.com

www.burnabycondoking.com

www.remaxbespoke.com

www.tricitiescondoking.com


and many many more!!

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Fraser Valley’s HPI Benchmark Price — which measures the rate at which housing prices change over time — rose more than 15%, year-over-year, for single-family home in March 2018. The HPI Benchmark Price for all properties in Greater Vancouver (which includes:  Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Metro Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadow, Maple Ridge and South Delta) rose more than 16% in the same period.


While housing activity appears to be slowing in 2018, real estate agents working in this western Canadian market aren’t worried. Just under 50% of ReMax agents surveyed by MoneySense believe prices will continue to rise this year.


This being said, the No. 1 spot on this year’s Vancouver neighbourhood ranking is Uptown New Westminster. The average home price in this neighbourhood in 2017 was less than $1-million ($996,903). Part of the reason for the slower appreciation in this neighbourhood is that it’s a mixed-use community, meaning single-family homes share the street with older, low-rise apartment buildings as well as newer condo towers.

The overwhelming consensus by realtors who specialize in this community is that “Uptown New West is inner-city life without inner-city Vancouver prices.”


The community overlooks the Fraser River Quay and offers a multitude of festivals, as well as a popular farmer’s market. In the summer and spring, many residents will head out to Westminster Pier Park, before sauntering down to Fraser River Discovery Centre. Commuters love the area because it’s between two Skytrain stations and still offers relatively easy access to the Highway 1A, the TransCanada highway and Lougheed Highway, the three major arteries that take commuters into downtown Vancouver.


To rise from the No. 89 spot in 2017, to the No. 2 spot in the Where to Buy Now in Vancouver for 2018 rankings, is an astounding achievement. But ask anyone in this Port Coquitlam neighbourhood if they are surprised and you’ll probably just get a smile and a small shake of the head. Over the last five years, massive price growth in Metro Vancouver meant that surrounding areas like Port Moody, Langley and Port Coquitlam also saw property prices rise. In 2017, getting into this neighbourhood meant paying almost 50% less than any other Port Coquitlam neighbourhood. The value was there, but no one appeared to see it. Fast forward one year and it turns out buyers figured it out — and pounced. Average home prices are a bargain at just under $810,000 — 15% less than the surrounding area and more than 55% less than average home prices in Port Coquitlam. As a result, prices appreciated 8% in 2017. Over a five-year stretch property values have increased by more than 103%.


You’ll find older-stock family homes in Birchland Manor. Many are on larger lots with basement entrances, where you enter the home and shed your wet and muddy layers before moving upstairs to the main living space. While the majority of homes in this community are single-family homes, the area is rapidly developing prompting more townhouse and condo complexes.


“The community is a great spot for those that want a retreat from the hustle and bustle of the city but still remain close to all the amenities and benefits of urban living,” explains the Re/Max Results Realty Prince Team, who specialize in Port Coquitlam properties. For other great neighbourhoods to invest in, contact me to see how you can get the most return on your Real Estate Investment!


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With market as great as ours, comes great Responsibility! Responsibility to Invest where you see the most Return!


Responsibility to Invest, where you can pull Equity out and Re-Invest! Responsibility to Re-Invest where you can reap higher Growth!!


And responsibility to reap higher Growth, so you can keep doing more of what you want!!! Travel, Shop, Invest, Buy, Sell, Sleep...or whatever it is you Enjoy doing, and I can help you Enjoy!

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.