Purchases, Reverse Mortgage And Refinance.
Welcome
Purchase,Refinance and Switch Mortgages Plus Reverse Mortgages Solutions
Making Great Things Happen!
Getting To Know Me
Hello I'm Tracy Comber
I have worked in the mortgage industry for the past 22 years. Helping many families to realize their dream of home ownership.
I'm proud mother of three children and three grandchildren.
Self employed as an independent mortgage broker/owner with Paragon All Mortgages Financial.
I am active in the community my previous works involved
- Surrey Food Bank
- Annieville Parent Advisory Board
and I am a current member of the Penticton Rotary Club and serve on the board of directors at the Penticton Soupateria.
Reverse Mortgages
The ABC's of Reverse Mortgages
Reverse Mortgage for Purchase or Refinance.
Wouldn’t it be nice if you had the money to do more of the things you want to do? A Reverse Mortgage could be just what you need. It’s the simple and sensible way to unlock the value in your home and turn it into cash to help you enjoy life on your terms.
BENEFITS OF A REVERSE MORTGAGE
You receive the money tax-free. It is not added to your taxable income so it doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive.
You can use the money any way you wish. Maybe you want to enjoy your retirement or cover unexpected expenses. Perhaps you want to update your home or help your family without depleting your current savings. The only condition is that any outstanding loans (e.g. existing mortgage or home equity line of credit) secured by your home must be paid out with the proceeds from your reverse mortgage.
No regular mortgage payments are required while you or your spouse live in your home. The full amount only becomes due when you and your spouse no longer live in the home.
You maintain ownership and control of your home. You will never be asked to move or sell to repay your reverse mortgage. All that’s required is that you maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.
You keep all the equity remaining in your home. In many years of experience, 99 out of 100 homeowners have money left over when their reverse mortgage is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.
FREQUENTLY ASKED QUESTIONS
How does a Reverse Mortgage work?
A reverse mortgage is secured by the equity in your home. Unlike a traditional mortgage in which you make regular payments to someone else, a reverse mortgage pays you.
The big advantage with the Reverse Mortgage is that you do not have to make any regular mortgage payments for as long as you or your spouse lives in your home. That’s what has made reverse mortgages such a popular solution in Canada, the U.K., the U.S., Australia and other countries.
Who is it for?
The reverse mortgage is designed exclusively for homeowners age 55 and older. This age qualification applies to both you and your spouse.
How much can I get and how is it calculated?
You can receive up to 55% of the value of your home. The specific amount is based on your age and that of your spouse, the location and type of home you have, and your home’s current appraised value. You can contact me and I can quickly give you an estimate of how much you may be approved for.
How do I receive the money?
You can choose how you want to receive the money. The Reverse Mortgage gives you the option of receiving all the money you’re eligible for in one lump sum advance, or you can take some now and more later, or you can receive planned advances over a set period of time. Planned advances are available on the Income Advantage product.
Will the homeowner owe more than the house is worth?
The homeowner keeps all the equity remaining in the home. In our many years of experience, over 99% of homeowners have money left over when their loan is repaid. The equity remaining depends on the amount borrowed, the value of the home, and the amount of time that’s passed since the reverse mortgage was taken out.
Will the bank own the home?
No. The homeowner retains title and maintains ownership of the home. It’s required for the homeowner to live in the home, pay taxes on time, have property insurance, and maintain the property in good condition.
What if the homeowner has an existing mortgage?
Many of our clients use a reverse mortgage to pay off their existing mortgage and debts.
Should reverse mortgages only be considered as a loan of last resort?
No. Many financial professionals recommend a reverse mortgage to supplement monthly income instead of selling and downsizing, or taking out a conventional mortgage or a line of credit.
What fees are associated with a reverse mortgage?
There are one time fees to arrange a reverse mortgage such as an appraisal fee, fee for independent legal advice as well as our fee for administration, title insurance, and registration. With the exception of the appraisal fee, these fees are paid for with the funding dollars.
What if the homeowner can’t afford payments?
There are no monthly payments required as long as the homeowner is living in the home.
Contact me today if you have any questions or if you’d like to see how much you can get!
Our Services
Full Service Mortgage Brokerage
We do all types of mortgages.
-Reverse Mortgages
-Chip Mortgages
-Purchases
-Refinances
-Residential
-Commercial
-Equity take outs
-Cash Back
-Line of credits
-Private lending
Free Consultation.
Early Inheritance
Have you ever considered helping your children financially? An increasing amount of baby boomers are gifting their children money for a down payment on their first home or simply gifting them money for other purposes. In fact, according to statistics from Mortgage Professionals Canada, gifts from parents for home purchases have doubled from 7% in 2000 to 15% between 2014 and 2016.
For those who choose to gift an early inheritance, their reasons are often as simple as being able to enjoy watching their children use the money to better their life, rather than wait till they pass.
Financial benefits
An early inheritance avoids probate fees (estate administration tax), which can be as high as 1.7%, depending on your province. Gifting income-generating investments can also save you money by bringing you down to a lower tax bracket. Your tax specialist can tell you more.
An early inheritance can help your children:
· Make a down payment on their home
· Pay for their children's education
· Help them start up a business
· Pay for a wedding
How to do it
Many people use a home equity line of credit in order to gift an early inheritance. Others liquidate or transfer investments. However, these can bring disadvantages in the form of loss of earnings or tax payable when selling investments.
A reverse mortgage allows you to cash in your home’s equity, without any of these disadvantages.
Advantages of reverse mortgages
· Your investments remain intact
· You have no regular monthly payments/fees
· Your income is not affected
· The money you get from a reverse mortgage is tax free
Please give me a call to find out more about gifting an early inheritance to your children.
Rely on Expertise
If you have questions about affordability, reverse mortgages, credit, legal matters, or income, trust us to find you what you need fast. We make sure you feel confident and educated every step of the way.