Reverse Mortgages

USE A REVERSE MORTGAGE FOR A PURCHASE

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:
  1. SECOND HOME. For example, snowbirds – the reverse mortgage is on the Canadian principal residence
  2. VACATION HOME. The reverse mortgage can encompass both properties to allow for more options
  3. RIGHTSIZING. Selling & buying a home of equal value with no ETO. For example, moving to a smaller place in a pricier area of town.
  4. DOWNSIZING. Selling & buying a home and retaining some equity from the sale.
  5. RELOCATION SHORTFALL. Moving from a lower priced location to a higher priced location. For example, Delta to downtown Vancouver.
  6. PURCHASE FOR A CHILD. Outright purchase of a home, or gifted down payment.
  7. 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 demographic.