013: How a CHIP Reverse Mortgage Can Bring Financial Stability

Marci Deane talks with Simone McMillan of HomEquity Bank in Vancouver, BC.


Simone McMillan is a Business Development Manager with HomEquity Bank in Vancouver, BC. With over 15 years at HomEquity Bank, Simone excels in the business through her passion for people and experience with finances. From 2012-2013 she was the #1 National Top producing BDM in Canada.

HomEquity Bank was originally founded in 1986 as Canadian Home Income Plan Corporation in Vancouver, BC. Over the years, the company’s trajectory has led them to focusing primarily on the CHIP Reverse Mortgage product for seniors, helping them to live a fulfilling retirement with financial stability.

Simone shares how the CHIP Reverse Mortgage can benefit seniors and their families looking for a secure financial plan.

elderly couple in the park

Key Points

  • [spp-timestamp time=”[spp-timestamp time="0:38"]″] How long have you been in the business?
  • [spp-timestamp time=”[spp-timestamp time="0:58"]″] What is HomEquity Bank?
  • [spp-timestamp time=”[spp-timestamp time="2:44"]″] Let’s talk about your role with HomEquity Bank.
  • [spp-timestamp time=”[spp-timestamp time="3:34"]″] What is your role with the company?
  • [spp-timestamp time=”[spp-timestamp time="4:01"]″] Where do homeowners go for advice?
  • [spp-timestamp time=”4:41″] What is a CHIP Reverse Mortgage?
  • [spp-timestamp time=”[spp-timestamp time="6:01"]″] What is the average client age?
  • [spp-timestamp time=”[spp-timestamp time="6:58"]″] There are options for how payments are received by the client.
  • [spp-timestamp time=”[spp-timestamp time="7:32"]″] What about people on fixed incomes?
  • [spp-timestamp time=”[spp-timestamp time="8:07"]″] Our clients often want to stay in their current homes.
  • [spp-timestamp time=”[spp-timestamp time="9:13"]″] Clients are able to downsize with our services as well.
  • [spp-timestamp time=”[spp-timestamp time="9:44"]″] Figure out a plan with your advisor and broker.
  • [spp-timestamp time=”[spp-timestamp time="10:33"]″] Can you address some of the common misconceptions and myths about reverse mortgages?
  • [spp-timestamp time=”[spp-timestamp time="11:52"]″] One common myth is about home ownership.
  • [spp-timestamp time=”[spp-timestamp time="12:15"]″] Home ownership does not change.
  • [spp-timestamp time=”[spp-timestamp time="13:01"]″] How is equity affected?
  • [spp-timestamp time=”[spp-timestamp time="15:18"]″] Even if the real estate market plummets, the loan is renegotiable.
  • [spp-timestamp time=”[spp-timestamp time="15:58"]″] Let’s talk about the interest rates.
  • [spp-timestamp time=”[spp-timestamp time="18:00"]″] There’s a growing market for this product.
  • [spp-timestamp time=”[spp-timestamp time="18:31"]″] This is tax-free and not considered a part of your income.

Bright home office interior with desk, computer and shelves