Clients can purchase a home and use a reverse mortgage to assist in the process. All the benefits of a reverse mortgage apply in a purchase. The monthly payment in all cases is $0. We can finance many different types of purchases including:
- SECOND HOME. For example, snowbirds – the reverse mortgage is on the Canadian principal residence
- VACATION HOME. The reverse mortgage can encompass both properties to allow for more options
- RIGHTSIZING. Selling & buying a home of equal value with no ETO. For example, moving to a smaller place in a pricier area of town.
- DOWNSIZING. Selling & buying a home and retaining some equity from the sale.
- RELOCATION SHORTFALL. Moving from a lower priced location to a higher priced location. For example, Delta to downtown Vancouver.
- PURCHASE FOR A CHILD. Outright purchase of a home, or gifted down payment.
- REVENUE PROPERTY. The reverse mortgage can encompass both properties to allow for more options
BROKER BENEFITS:
- Add value to your Realtor relationships
- Deals they couldn’t do before
- Close higher value deals
- Increase referral business
- Home Equity Bank does all the work
BOTTOM LINE: By incorporating reverse mortgages into your toolbox, you’ll be able to grow your business while targeting a hardto-reach niche and fast-growing d
