Neil McJannet
Your Mortgage Agent For Life! - 095309
Tel: 250-861-8758
Well I can remember over 27 years ago when I worked for a Major Chartered Bank in their mortgage department that this product was launched. I fact when I looked it up the HomeEquity Bank has been doing Reverse Mortgages in Canada for over 30 years.
There ate two lenders now in Canada that offer this service, the second being Equitable Bank and both are Schedule 1 banks like TD, RBC, Scotiabank etc. As a result they are monitored and overseen the same way that the big banks are.
Over the years I have been asked an abundance of questions and while I don’t remember all the questions, I will discuss some that I can recall. If you have any other questions, feel free to contact me at any time.
Clients should always explore their options before making a decision and we can help in that way as well. The main problem with the HELOC is that there must be a financial qualification and payment of at least the interest must be made. Another thing to consider is that if one party on the HELOC passes the bank could re-qualify the remaining party and call that loan if they no longer qualify financially.
If you have any other questions or would just like to discuss a Reverse Mortgage in Canada please feel free to contact me @ neil@mortgageman.ca or by phone at 250-861-8758. I always say “Knowledge is Power” so do some further research on this product.
To help you in that regard, If you would like to get a free preview to - “Home Run, The Reverse Mortgage ADVANTAGE” click the link below:
https://www.chip.ca/wp-content/uploads/Home_Run_Book.pdf
Neil "Mortgage-Man" McJannet
250-861-8758
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