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
Why is 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
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
True or False: Reverse mortgage can finance Residential-Zoned properties only.
What is False. Other zoning types maybe considered, such as Agriculture Land Reserve (ALR) and Commercial (C-2).
Are you able to use FCT?
Yes, but reminder you need to still have ILA
Common misconceptions :
They Will Owe More Than The Value Of Their Home
What is FALSE.
What is HEB ?
What 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
What do you call EQ's one-time advance program?
What is Flex Lite.
Do you need Title Insurance?
What is Yes !
Common misconceptions:
They Can’t Pass On Your Home
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.
Who does Seconds Behind the First?
Who is Home EquityBank?
Where do I find Customizable marketing material?
Go online to the Homebanks address or Call your BDM.
What do you call HEB's open- no penalty program?
What is CHIP Open.
Reverse mortgage money counts as income and affects CPP/OAS.
What is No. Reverse mortgage funds are loan proceeds; not income (tax-free).
What is the new trending word that Equitable Bank uses for Reverse Mortgages ? Hint: Accumulation
What is Decumulation
The current owner of HomeEquity Bank?
Who is Ontario Teachers Pension Plan.
True or False: You can be forced out if you miss payments for 120 days.
What is False. There are no required monthly principal or interest payments, so there are no payments to "miss".
Who is Better HEB or EQB?
What is Both!! EQB & HEB are there to give you choice. They compliment each other and do different things!!!