January 12 , 2022  /   Advice

Tapping into Home Equity with a Reverse Mortgage Should be Guilt-Free

The goal of becoming mortgage-free as soon as possible is a focus many of your clients strive to achieve the moment they realize the dream of homeownership. But, as you know, many outstanding expenses and debts could be powered down faster – and more economically – if your clients take advantage of their home equity with a CHIP Reverse Mortgage.

Giving your clients permission to use a reverse mortgage to their advantage could be a gamechanger for them as well as your business. There’s no time like the present for your clients 55+ to take charge of their finances and ensure they have enough cashflow to live comfortably while also using their money how they see fit – whether that involves helping out family members, spending money on their home, or making a special trip or other large purchase.

Offer a fresh start

Helping your clients take advantage of home equity through a CHIP Reverse Mortgage and freeing up some money to pay off unsecured high-interest debt on credit cards, lines of credit and/or loans, can be a very liberating move for them.

They’ll find that taking equity out of their home to pay off debt will also keep more money in their bank account each month – funds that would otherwise be put towards debt payments and interest.

With access to more money, your clients will not only be better able to manage current debt levels, but they can also plan ahead by taking out equity to complete some home renovations or even help their children and grandchildren with their home and/or education needs. Why should they wait to pass on an inheritance instead of helping people or taking advantage of home equity for their own purposes when they need it most?

By paying off debt and/or helping a family member now, your clients can put themselves and their family members in a better financial position moving forward.

Helping your clients 55+ improve their financial positions and be able to assist other family members is yet another invaluable service you can provide. Find a BDM near you today.

Find a BDM >

  • Posted by Richmondday
  • On January 12 , 2022
Stay Informed!  
Get the latest news & valuable content sent right to your inbox.

Your information is protected, and we will only use it to send marketing communications and special offers. It will not be shared with third parties.
January 30 , 2024   /   Advice

Navigating the 2024 Economic Landscape with Insightful Perspectives and Forecasts from Pattie Lovett-Reid

Bank of Canada’s MoveTiff Macklem, the Bank of Canada governor, is becoming as well-known as a rockstar. We hang on to his every word, look for clues in the commentary, and hope our economy is heading
December 19 , 2023   /   Advice

Reverse your thinking on reverse mortgages and help your clients supplement their income by PLR

For a long time, reverse mortgages have lurked in the shadows of misconception, creating uncertainty among both consumers and financial professionals in the mortgage industry. I used to share in this skepticism, even voicing my concerns about reverse mortgages on national television.
October 23 , 2023   /   Advice

Enhancing Retirement Comfort: The CHIP Reverse Mortgage Solution for Home Renovations

For many Canadians, retirement signifies a shift towards spending more time at home, cherishing the space filled with memories. The desire to live a comfortable quality of life in retirement has driven a surge in home renovations. While renovating a home can be an exciting project,