Time off with fewer interruptions presents an excellent opportunity to ramp up business
This article was provided by HomeEquity Bank
While many people wind down their businesses over the holidays, the extra time off with fewer interruptions also presents an excellent opportunity to ramp up your business by writing your 2022 business plan – and including reverse mortgages in your offerings – so you have a jump on making the new year your most profitable one yet.
Whether you’ve dabbled in selling reverse mortgages in the past or you just haven’t gotten around to including them in your product offerings, now’s the perfect time to plan a boost to your business thanks to this added revenue stream.
As an extra incentive to begin leveraging HomeEquity Bank’s reverse mortgage products with your clients, we’ve also extended our supercharged broker commission promo. This means you can earn 175 bps on new deals January 01-March 31 with initial draws of $250k+ that fund by April 15, 2022.
Offering reverse mortgages is just one more way you can make your business a one-stop-shop – ensuring you have a complete circle of care available for clients in as many age groups, financial circumstances and property purchase types as possible.
After all, the best way to continue growing your mortgage business is through diversification of your offerings – everything from reverse mortgages to alternative/private lending and commercial funding.
HomeEquity Bank offers a full spectrum of reverse mortgage products to help your clients, including:
- CHIP Reverse Mortgage – Ideal for clients 55 years of age and older to tap into their home equity and receive up to 55% of the value of their home. Unlike a regular loan or mortgage, with a CHIP Reverse Mortgage your clients aren’t required to make regular mortgage payments. The loan is repaid only when the homeowners no longer live in the home. The money received is tax-free and can be used however the homeowner wishes, including: paying off debts; handling expenses; helping children or grandchildren; improving day-to-day standard of living; and making a special trip or purchase.
- Income Advantage – If your clients want the convenience of monthly or quarterly advances, Income Advantage is the product for them. Unlike a regular loan or mortgage, with Income Advantage, they’re not required to make regular mortgage payments. The loan is repaid only when the homeowners no longer live in the home. With the convenience of regularly scheduled advances, your clients can: receive additional income; preserve investment portfolios longer; and lower tax liabilities long term (we always recommend they consult their accountant/financial advisor for specifics).
- CHIP Max – This product is designed to give your clients who are closer to the 55-year-old qualifying age threshold access to a greater amount of their home equity. Unlike a loan or a regular mortgage, with a CHIP Max reverse mortgage, your clients aren’t required to make regular mortgage payments. The loan is repaid only when the homeowners no longer live in the home. CHIP Max is great for helping clients: pay off debts; access cash for unforeseen expenses; maintain their lifestyle in retirement; and provide more value in the long run.
- CHIP Open – This product is designed for clients searching for a short-term financing solution, such as bridge financing, leveraging funds for renovations while preparing to sell their home or gifting down payments to loved ones without any prepayment penalties for full payments. Unlike a conventional mortgage, CHIP Open doesn’t require regular monthly mortgage payments and offers your clients the ability to convert to a CHIP Reverse Mortgage if they require a longer-term lending solution. With CHIP Open, your clients can also: obtain the capital to seize a present opportunity; pay off debts; and handle unexpected expenses.
With any reverse mortgage product, the loan is secured against the value of the home. That’s why homeowners are required to keep the property in good condition, and remain up-to-date with property taxes and property insurance.
No Negative Equity Guarantee
In addition, with the No Negative Equity Guarantee from HomeEquity Bank, your clients will never owe more than the value of their home as long as the client meets their mortgage obligations. HomeEquity Bank guarantees that the amount they will have to pay on their due date will not exceed the fair market value of their home. Ask your BDM for more details.
Ask your BDM today for client resources already prepared that can help make selling reverse mortgages easier for you.
