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1st Reverse Mortgage

1st Reverse Mortgage

Join us as we talk with Peggy Sage of 1st Reverse Mortgage

Reverse Mortgage Competition Comes to Canada with New Product

“For a long time, Canadians have had limited choice to access the equity in their homes. Now they can sit down with an experienced and well-established mortgage broker network, and get the right guidance and personalized options that meet their needs,” she said.

A spokesperson for Equitable Bank said that Kukulowicz was unable to participate in an interview this week, and referred RMD to the release.

Competition was almost inevitable for CHIP, with HomEquity reporting record originations in 2017 and pointing to favorable demographic shifts in the nation: For the first time in Canada’s history, people aged 65 and older outnumbered children younger than 12 according to the most recent Canadian census.

Like the CHIP, the Path mortgage is entirely private — with no government backing as in the United States — and available to people aged 55 and older. Interested borrowers are required to prove that they received independent legal counsel before applying, along with documentation supporting their ability to pay property taxes, condo fees, and utility costs, similar to the Financial Assessment process in the United States.

Counselors See 'Trickle-Down' Decline in Reverse Mortgage Demand

Between August and September of last year, demand for reverse mortgage counseling services spiked 62%, according to data from Ibis Software Corporation. Potential borrowers flooded counseling agencies across the country in the hopes of securing a case number before principal limits fell and mortgage insurance premiums changed in early October.

Some counselors took initiative by reaching out to homeowners who had expressed interest but not completed the program, and the Department of Housing and Urban Development issued an urgent message to all approved counselors in late September asking for their ability to take on additional clients.

At Money Management International, demand for HECM counseling sessions between November and mid-January is down 12% this year, according to director of housing and bankruptcy counseling Jackie Boies.

“Despite thinking that any reduction we’re experiencing is due to the HECM changes, I believe seasonality may be part of the effect as well,” Boies said. “When I compare volumes for the same time from year to year, we aren’t that far off.”

My deceased father has a reverse mortgage - the amount owed is less than the value of the property?

I would like to take out a mortgage to repay reverse mortgage. Do I have to take out mortgage for value property or just what's owed on the reverse mortgage? I'm 1 of 3 heirs and we are to divide the assets equally. But the only asset is the house.

You would need to pay off all liens on the property, before you can transfer it into your names. A mortgage is a lien.