"At this stage in life, what customers need in our products is a way to maintain independence"
With Canadian household demographics now skewing towards the older side of the scale, reverse mortgages have seen their prominence grow in recent years.
“At this stage in life, what customers need in our products is a way to maintain independence, to have a level of financial freedom,” said Vivianne Gauci, senior vice president of marketing and customer experience at HomeEquity Bank.
“They want to be able to retire on their terms. And so they may be doing anything from renovating their home. They might want to get some travel in, or they might be having to finance some health care and or actually also creating a legacy for their kids.”
Read more: Analysis: Reverse mortgage borrowing trends persist
Companies like HomeEquity play a crucial role in this trend.
“We design our products with all of those different needs in mind specifically for this this audience,” Gauci said. “We have a high degree of trust within our client base and with our partners such as our broker partners, because we have this understanding of the needs of our customers and the needs of our partners.”
Gauci stressed that this provides a sturdy foundation of client education, ensuring a seamless, minimal-risk process for everyone involved.
“We’re able to provide a level of understanding, but also a level of safety and security in our products that is also very important to our customer base.”
Gauci elaborates further on the reverse mortgage space here.
