Reverse Mortgage Rates See Big Drop!

First Time Buyers use Mortgage Brokers! CMHC shows 44% use Mortgage Brokers.

CMHC has shown that currently 44% of all first time homebuyers use the resources that only a Mortgage Broker can offer. Generation Y: Also called Echo Boomers (Sixty million strong have grown up on the internet). They do their homework before buying and are savvy when it comes to finances, they want to know the rates and other costs associated with home ownership.

It makes sense for them when buying real estate to use a Mortgage Broker. WHY?... They can apply online, get access to “what if “ scenarios and other need to know information. They want answers quickly, are loyal when a Mortgage Agent demonstrates the skills and understanding they need to make the biggest purchase of their lives.

Service and Price are important to them. The GOOD news is they share information good or bad.

Busy lives call for quick solutions and secure on-line Mortgage applications provide the opportunity for both. In the comfort of your own home, you can research and apply for a pre-approval and through my office receive the information with-in hours.

Efficient knowledgeable, secure service and some of the best rates in Canada, it’s a combination first time buyers want and need!

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Reverse Mortgage Rates See Big Drop!

Big Drop for Reverse Mortgage Rates

The rate on a CHIP Home Income Plan reverse mortgage dropped to 3.75 per cent, down from 4.95 per cent, as a result of HomEquity’s recent transformation to a chartered bank.

“Becoming a Schedule 1 Bank has allowed us to lower our rates because we now raise funding the same way that other banks do,” said Greg Bandler, senior vice-president of HomEquity Bank, adding the company is seeing more demand for reverse mortgages due to the growing population of seniors in Canada.

Along with the lowered rate, HomEquity Bank which now issues GICs - is also offering a discount program for customers who pay their full interest annually. The program reduces the interest rate on a CHIP mortgage to as low as 3.25 per cent. For more information on a CHIP mortgage you can call Loui Nedanis, the local representative at: 1-866-771-2447 or e-mail him at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

At the end of September HomEquity’s reverse mortgage portfolio totaled about 7,000 with an accrued value of $837 million. The company provides reverse mortgage products directly to consumers as well as through referrals from banks, financial planner and mortgage brokers.

This Article was published in the Canadian Mortgage Professional Magazine.

For more info you may call our office and we will be pleased to explain the process or set up an appointment for you to discuss your need for a Reverse Mortgage.