HomeEquity Bank announces limited time lift of broker commission
As a broker, a key strategy for success is staying up to date on what’s happening both in the housing market and in society more broadly. In the wake of the COVID-19 pandemic and the devastating impact it had on many long-term senior care homes, Canadians’ desire to live in their home for as long as they can has risen significantly — and a broker on top of current trends has the opportunity to help solve this increasingly important issue facing their 55+ clientele by leveraging the CHIP Reverse Mortgage from HomeEquity Bank. This product allows clients to access up to 55% of the value of their home in tax-free funds, providing the opportunity to leverage their home equity to secure for themselves the peace of aging in place.
On top of spending their golden years in the home they love, there are many other reasons why a broker might look to a CHIP Reverse Mortgage to meet the needs of their more mature client demographic. Perhaps the client wants to do some renovations around their home, use their equity to augment retirement income, finance rewarding travel experiences or pay off any existing debt they may have. But now there’s an extra incentive to consider as well: HomeEquity Bank is giving brokers a boost by lifting their broker commission for a limited time.
For the rest of the year, HomeEquity Bank is increasing commission to 175bps and this new rate applies to all deals with initial advances of $250k or greater and that fund before Jan 15, 2022. In addition, the minimum commission of $1,500 remains intact for smaller deals and the guarantee of at least $750 for all Income Advantage deals still stands — and, as always, when brokers send HomeEquity Bank mortgages of larger amounts, there are no maximums or caps on the amount of commission they can earn.
With this supercharged commission rate, there’s now more incentive than ever to help your clients access the funds they need to live their retirement on their terms. For questions on how to help clients get the most out of their home and retirement, or for more information about this exciting promotion, find a HomeEquity Bank BDM today.
