Tony Passalacqua, Mortgage Broker DLC ICare Mortgages
105 - 3790 Canada Way V5G 1G4 Burnaby, BC, Canada

POST 1 WHAT YOU CAN DO WITH A REVERSE MORTGAGE The tax-free cash you can get from a reverse mortgage can be used for whatever you need it for. Whether it’s for eliminating debt, buying a vacation property, increasing your cash flow, or providing your family with an early inheritance it’s up to you! You can access up to 55% of the equity in your home and receive the money in a lump-sum payment, periodic installments, or a combination of the two. If you would like to learn more about how a reverse mortgage can be a tool in your financial plan, please contact me at [email protected]

Many retired Canadians have been where you are, and many of them were able to turn around their fortunes with a CHIP Reverse Mortgage. This unique financial tool allows you to access up to 55% of the equity in your home, tax-free. With that money you are able to increase your cash flow, eliminate debt, and even check a few items off your bucket list. If you would like to learn more about how a CHIP Reverse Mortgage can help you live a more comfortable retirement, please contact me at [email protected]

The impact of the new mortgage rules for conventional (uninsured) mortgages is as follows: If you currently qualify for a $1M purchase, your down payment is 200K, your income is 125K meaning the loan is for 800K, under the new rules if you want to purchase the same home, you would need to increase the down payment from 200K to 300K or your income from 125K to 150K! Obviously in most cases the practical solution will be to reduce your purchase price by at least $100K....not simple in the Vancouver real estate market!

Well, our dear government is again introducing tougher mortgage rules. All mortgage applicants, effective January 1 2018, will be qualified under the new stress test, regardless of the down payment amount. Please see the following link for more details: http://www.mortgagebrokernews.ca//osfi-releases-final-b20-

Bank of Canada Turns the Tide! The bank of Canada today increased the overnight rate by 0.25% and if the mortgage lenders follow by increasing the Prime Rate by the same amount, borrowers will be paying approximately $13 more per moth per $100,000 of mortgage balance owing. See full report at http://tonypassalacqua.ca/general/bank-canada-turns-tide/

Every week we all have an opportunity to start fresh on Monday. Do you have any Sunday rituals you do to ensure you start your week off smoothly? || http://bit.ly/1FXYcy9 #tonysmortgages #tricities

If you're hosting an open house this weekend, check out these before and after house staging photos for some inspiration. || #tonysmortgages #mortgagerates http://bit.ly/1OqWLrN

Although prices for homes has increased over 50% during the last year in Vancouver, the low mortgage rates being offered make owning your own home more realistic. Contact me at 778-895-4122 to chat more about your options! || #tonysmortgages #realestate #tricities http://bit.ly/1FNR8zl