· Use a “CHIP” Reverse Mortgage for downsizing seniors that don’t have enough money left over to get what they want, or who simply don’t qualify for enough to get what they were hoping for.
· Use CHIP for 55+ clients looking to upgrade, but who don’t have the cash flow or high enough verifiable income to qualify for the higher priced property they are dreaming about.
· Use CHIP to pull equity from their primary home in order to buy a vacation property, or provide the down payment for a vacation property.
· Use CHIP to help children obtain down payment funds in their purchase transactions.
· Recommend CHIP for those 55+ clients who truly don’t want to sell, but who are struggling financially and don’t know what else to do. That suggestion to help them access some equity and make life more comfortable, might make all the difference to their clients. They are likely to refer others to that realtor, and probably use them down the road when the time is truly right to sell.
Reverse Mortgage Qualification Summary:
· 1st mortgage for clients age 55+ (no maximum age limit)
· Maximum 50% LTV depending on age and property type
· No credit check, No income qualification, and No medical required
· Clients are NOT required to make any payments for as long as at least 1 applicant lives in the home, however, they are free to make the interest payments, or a portion of the interest payments if they choose.
· We allow private 2nd’s behind CHIP up to 65% if they don’t qualify for enough with us alone
· I can then handle the whole file from start to finish, taking very little of your time, OR, you are welcome to be involved in every meeting.
Thanks for your support, and please let me know if you’d like me to come meet with you or speak to you at your convenience.
Have a great weekend!
Dave Browne By Referral Mortgage Consultants* “Click, Call, Chat – Award Winning Brokers”
4 more Fraser Valley Locations – Ask C 604 897 2741 O 604 826 2599 F 604 826 2621
*By Referral Mortgage Consultants – doing business as BRMC is a co-brokerage between Verico Preferred Financing Inc and Verico Canadian 1st Mortgage Corp. Offices in CHILLIWACK, ABBOTSFORD, MAPLE RIDGE and MISSION.