Do you have clients aged 55 and above who need help to qualify for conventional lending products? It’s a common scenario, and it can be challenging to find the right financial solution for these individuals. However, there is a valuable alternative that can address the unique needs of this demographic: the CHIP Reverse Mortgage by HomeEquity Bank.
The CHIP Reverse Mortgage by HomeEquity Bank is a secure financial solution that enables Canadian homeowners 55+ to access up to 55% of the equity in their home in tax-free cash, without the need to move or sell, and the best part is, they don’t need to make any monthly mortgage payments until they no longer live in the home. To identify prospective clients who may benefit from the CHIP Reverse Mortgage, it’s essential to be aware of specific indicators that suggest their suitability for this particular financial solution. Here are ten signs that point to a potential CHIP Reverse Mortgage client.
- Payment Struggles: The client is making late payments, skipping payments, overdrafts, and complaining about costs/expenses.
- Declined Applications: The client is declined for conventional lending products due to a low credit score, insufficient income or back taxes owing.
- Family Assistance: The client’s children want to assist their parents to help them maintain their independence financially.
- Sale of Investments: The client is selling off their registered or non-registered investments.
- Inheritance: The client is helping a loved one with an early inheritance to help with a downpayment, education, divorce, etc.
- Death of a Spouse: The client is dealing with the death of a spouse and is struggling with a reduced income and needs to requalify for revolving credit.
- Grey Divorce: The client is dealing with a divorce and is looking to buy out the marital home from the other spouse.
- Real Estate Investment: The client wants to invest in real estate or needs a bridge financing solution.
- Homecare for One Spouse: The client is in need of homecare or assisted living for either themself or their spouse.
- Financial Strain: The client has a financial plan shortfall and needs to increase their monthly cash flow.
Recognizing these signs allow you to proactively engage with your clients in conversations about the potential benefits of the CHIP Reverse Mortgage. If you have any questions or would like to learn more about how the CHIP Reverse Mortgage can assist your clients, please don’t hesitate to contact your Business Development Manager. Your client’s financial well-being is our top priority, and we’re here to support you in achieving that goal.
