Random Questions
Are you able to put a Reverse Mortgage on a rental?
What is False. The prperty needs to be an owner occupied property.
When is the reverse mortgage due?
What is Date of sale or transfer
180 days after death of last borrower
1 year after last borrower moves into long term care or retirement home.
Upon default
Client can use a notary for closing a reverse mortgage
what is false: all reverse mortgage clients must have independent legal advice through a lawyer
With a Reverse Mortgage, Customers No Longer Own Their Home?
FALSE -Customers always maintain title, ownership, and control of their home as long as they meet their mortgage obligations. They will also continue living in their home. The reverse mortgage lender has a first mortgage on the title. They are still responsible to keep their house in good condition and pay property taxes.
What is C.H.I.P. ?
What is the Canadian Home Income Plan
Who gives the best Mortgage Advice?
What is a Mortgage Broker
What is the maximum amount that a client can receive for a reverse mortgage?
Are you able to use FCT?
Yes, but reminder you need to still have ILA
They Will Owe More Than The Value Of Their Home
What is FALSE.
Leaseholds allowed
Who is Home Equity Bank
What is a Grey divorce ?
What is Grey divorce refers to couples aged 50 and older ending their marriages after decades together. It’s the fastest-growing segment of divorce in North America, and in Canada, it now accounts for about one in three divorces. The number of divorced Canadians over age 65 grew by nearly 80% from 2010 to 2020
Maximum acres of land that will be considered for appraisal
What is 10 acres. Bonus: what is the maximum number of acres the land can be: 160 acres
Do you need Title Insurance?
What is Yes !
You can't pass your home to loved ones. On death, the home must be sold
What is FALSE.
Another myth is that their heirs won’t be able to inherit the customers home if they get a reverse mortgage. This is not the case as their heirs will always have the option of keeping the property by paying off the reverse mortgage after the borrower passes away.
Allows private 2nds behind the First?
Who is Home EquityBank?
Where do I find Customizable marketing material?
Go online to the Homebanks address or Call your BDM.
75 years
what is the minimum requirement for the number of years left on a leasehold agreement, HomeEquity Bank
Why is a ILA needed?
What is It's Required, among other reasons, for the client's benefit, to ensure they understand the terms and conditions of the reverse mortgage, are of sound mind and judgement, and that they are not being pressured to sign the mortgage documents
In year 5, you renew for a 5yr fixed rate. You cannot leave for another 5 years without triggering a large penalty.
False - the penalty table follows the initial mortgage contract, client can leave with 3 months notice, or 3 months interest penalty, anytime after the 5th anniversary of the mortgage
What is the new trending word that Equitable Bank uses for Reverse Mortgages ? Hint: Accumulation
What is Decumulation
1986/2017
The inception dates of CHIP and Equitable Reverse Mortgages
Maintain Home Insurance, Property Tax, condo fees if applicable
What are client obligations or promises of obtaining a reverse mortgage
Who is the first to receive net proceeds after debt payout and closing costs of a reverse mortgage, the client or their lawyer?
Client - net proceeds directly get deposited to the client's bank account, not to their lawyer.
The bank won't lend on Agricultural Land Reserve
Who is Better HEB or EQB?
What is Both ! EQB & HEB are there to give you choice. They compliement each other and do different things !